bernanke say? how did he answer that? >> i listened. i don't know the answer is going to make a nervous dollar trader feel better, but he reiterated that there is no reason in his mind, that the reserve status will be challenged, but it doesn't stop a lot of talk in articles and assumptions, whether correct or not, we know how the microphone can flekt the markets. >> we're going to keep rick santelli on reserve status. let's return to the hearing. >> we've seen that aggressive approach at the treasury department and we'd better modify the statutes unless we can assure all of your successors will be as conservative in their stat torre interpretation as you've been. the provision for that involves and assessment on institutions as low as $10 billion to repay the costs of bailing out a firm. i would think that would mean the medium sized bank are hit two ways. first, competitors get some guarantee of some help to their creditors and if it comes to pass, they're the ones that pay for it. i'll ask you to respond for the record. >> we can go

bernanke. >> let's send it to bernanke. >> -- should include at least five key elements. first, legislative changes needed to ensure that systematically important financial firms are subject to effective consolidated supervision whether or not the firm owns the bank. second, oversight counsel made up of the agencies involved in financial supervision and regulation should be established with a mandate to monitor and identify emerging risks to financial stability across the entire financial system, to identify regulatory gaps and to coordinate the agencies' responses to potential systemic risks. to further encourage holistic approach to financial oversight, all supervisors and regulator, not just the federal reserve, should be directed and empowered to take account of the risk to the broader financial system as part of their normal oversight responsibilities. third, a new special resolution process should be created that would allow the government to wind down a failing systematically important i

greene. >> thank you, chairman bernanke, for appearing again. trust that all is well with you and your family. mr. chairman, i sense a hint of exasperation with you in terms of your having to continuely express that you're opposed to too big to fail. trying to get that message out has been quite a challenge for me, too, in that i'm opposed to too big to fail. and the temptation is there to use a memory aiding devices. however, the devices will only help the person have a better sense of memory. it won't force the person to use memory. i suspect a lot of people who continuely misunderstand my position are doing so with a certain amount of design as opposed to a lack of memory. but for the record, i, too, am opposed to too big to fail for the inth time. having said this, some of my colleagues are talk about jobs and the recovery as though jobs are a leading indicatoindicator. i think it's fairly well indicating there are a lagging indicator. have we ever had a recovery in a recession where in jobs were a leading indicator? >> i'm not aware. it tak

and in washingto ben bernanke offered no comfort. testifyi on capitol hill toda the federal reserve airman told lawmakers that even if the econy grew at a ce of 3%, that would not be enou to bring down the unemployment rate. darren gersheports. >> reporr: it is the kind of concern you can expect to he moreften from members of coress. e federal reserve's own focast calls for unemployment of% next year. new jersey's leonardance asked fed chairman ben bernanke whether more could be do to put americans back to rk. >> ian't imagine the american people will conser the country to be in recovy if the unemployment rate ist roughly 9%. >> reporter: the fed chaman was not encouraging. >> i don't have y magic bullets toffer. if i did, i woulhave offered them by no one way to mitigate e long- term damage is to try toake sure thathose who are out of work forn extended period, don't se attachment to the labor rce and that they do get opportunitieto improve their skills and rain employable. >> reporter: with short te inrest rates near zero and a bal

the real powers there, bernanke, don cohen, they're not remotely thinking about raising rates. in fact, my friend lyle granley, the former fed, asked the other day about the market thinking of fed funds rate hike in may, lyle said, right month, wrong year. >> greg, i'll tell you, that op-ed piece by kevin which i thought was ludicrous, to be kind, had to have been vetted by ben bernanke. then yesterday basically saying the same thing. there appears to be the war between the doves and hawks. the hawks should be moved somewhere to a safe and secluded location. so they can't do any harm to the economy. they're out of their minds thinking we've got an inflation problem. >> i'm told that that was not vetted by bernanke. >> really? >> he did not say, oh, you go right ahead and encourage the markets, thinking they were going to raise rates and do it aggressively. i think the powers that be, again, the bernankes, cohens, they're not there at all. >> you're saying kevin publishes in the wall street and get approval from anyone in the hierarchy there? >> look at placer -- >> but that you

>> and i think that's what bernanke was pointing out today. the council is really meant to identify ways systemic risk can rise and ways you can deal with t maybe it's increased capital. trying to figure out which institutions might pose a threat to the system, what types of products. the reason ber than ki was cana for one regulator to have authority over these too big to fail institutions, i think when the crap hits the fan, you want somebody who can make decisions decisively. i wasn't sure what diane was saying, but i think one thing we have to remember is if you don't have prudential supervision, you're going to have banking crises. that was the lesson we learned from japan and other countries and a lesson we learned when the banking system outstripped banking regulation and we ended up with that shadow of a banking sector that wasn't regulated for safety and soundness. >> i agree we need to have sound regulation, consistent regulation. we don't want some firms escaping into a different kind of regulator when they're doing the same things.

and in washington, ben bernanke offered no comfort. testifying on capitol hill today, the federal reserve chairman told lawmakers that even if the economy grew at a pace of 3%, that would not be enough to bring down the unemployment rate. darren gersh reports. >> reporter: it is the kind of concern you can expect to hear more often from members of congress. the federal reserve's own forecast calls for unemployment of 9% next year. new jersey's leonard lance asked fed chairman ben bernanke whether more could be done to put americans back to work. >> i can't imagine the american people will consider the country to be in recovery if the unemployment rate is at roughly 9%. >> reporter: the fed chairman was not encouraging. >> i don't have any magic bullets to offer. if i did, i would have offered them by now. one way to mitigate the long- term damage is to try to make sure that those who are out of work for an extended period, don't lose attachment to the labor force and that they do get opportunities to improve their skills and remain emp

in prepared remarks, bernanke says financial regulators should be able to act on their own. bernanke's comments could address some lawmakers fears that president obama's plan to overall financial regulations would give the fed too much power. >> yesterday we heard about bad loans. today, the international monetary fund has raised its forecast for global economic growth next year. the imf is projecting 3.1% expansion after more downbeat assessments for most of this year. it says it's now seeing an end to the global recession boosted by strong performances in the asian economies. however, the imf has warned that the biggest risk to the recovery is if governments withdraw stimulus too soon. christine. >> well, louisa, china's biggest appliance brand, haier says it wants to expand services. it is eyeing building its business in japan. haier's asia pacific president changes the way japanese consumers shop. >> japanese are starting to look for value as much as they're looking at brand name. what i mean by value is if you put that together and you offer that as a package, with as a

bernanke spoke about the dollar being at risk unless the budget gap controlled. it was unusual he was heavily questioned on the dollar. dollar up, stocks down. we've seen that story before. nonfarm payrolls report for the month will be out tomorrow. take a look at what some of the moves we had today. that strong dollar usually means weakness in commodities. commodity stocks, big names, all of them down 4%, 5%, when you are looking at copper, steel, potash or energy names to the weak side. with financials there was particular weakness. this often happens on days financials are weak. the regional banks usually are the weakest. bank of america, 24 hours after we heard of ken lewis' retirement is among the weak stocks here. one of the few groups on the up side beer stocks that one of the big international brewers may be talk with rivals for some deal. that was the story to help move many of the beer stocks to the up side. a lot of technical damage here. the key story, we just saw down about 3% on the s&p 500. dow transports, home builders, airline stocks, material st

created a bubble, i cannot be critical of bernanke.t alan greenspan warned us. how close to a depression? >> it's a smart column about how close did it come to depression 2.0. >> if we go back to 1931 or '32, we had a bank holiday. we came very close to a permanent bank holiday in november and december of last year. i think that bernanke saved us. it was not paulson that saved us. we did not have a good system intact in the last days of bush. i think that bernanke needs a lot of praise. >> give me $23 trillion to play with which is what congress congressional research with guarantees and give me $23 trillion in guarantees -- >> i can't. your atm machine is going to stop. there was no cash in the system. >> what i'm saying is bernanke was given $23 trillion in guarantees to play around with. and free money. who can't save an economy under those circumstances? >> it's better to save it than to go down to where we were in '33. you know the truth. the truth is there was no cash in the system. we were faced with a total breakdown. goldman a

there is a report blaming hank paulson and ben bernanke. apparently, the banks received billions in federal funds but they were not very healthy. now we want your take on this story. >> we frequently have these polls because we love to hear from our viewers. this one is whether or not congress should investigate ben bernanke and former secretary paulson it, and any other officials involved if you go to foxnews.com, click on the udecide page, and there you will be able to cast your vote. be able to cast your vote. note that it can cast which everyone represents how you must feel about this. this is going to let you know how everyone in the voting. right now, 74% believe they deceive lawmakers and taxpayers. if you want to take a bit further, we even have a comment section. if you scroll down, there is the area where you can register to take part in the conversation yourself. trace: we are going to have more on this coming up later. did the fed mislead us on the bailout? martha: and it may be time to get over your fear of needles. this one fl

bernanke speaks at 9:00 a.m.porate headlines as well. >> big news, bank of america ken lewis is stepping down at the end of the year. it's the story our charlie gasparino first broke on cnbc. the 62-year-old executive tells employees he's retiring voluntarily. lewis has been under fire for a series of government investigations after acquisition of merrill lynch. six internal candidates are vying for the job. bank of america shares this morning are trading higher on the news as after hours trading. we'll talk more about lewis on bank of america with andrew ross sorkin and jeff sonnenfeld of the yale school of management. fed chair ben bernanke testifying today. he plans to tell the panel sweeping oversight powers for the central bank should be shared with other regulators. bernanke will argue for a new broad council of regulators to monitor systemic risk in the economy. they say the fed is well suited to oversee financial institutions but failure could damage the economy. take the testimony live when it begins an

bernanke fighting to protect his turf. while the debate continues the value of the u.s.rency continues to rot because the taxpayer and our currency has been stuck with all of the toxic liabilities created at the banks. and yet our politicians continue to do nothing to reform the system. wall street closely watching what the fed chair has to say. of course the financial markets a great beneficiary of the taxpayer subsidizing of the system. a few trillion goes a long way. the much talked about bill to strip federal funding from a.c.o.r.n. may have a much larger effect. monica is here to explain. >> dylan, the house passed legislation to cut federal funding from the community group a.c.o.r.n. has been implicated in voter fraud, accused of offering advice on prostitution and tax evasion. it's not the only government contracted organization that has faced serious charges. the language in the house bill would strip funding from organizations that were indicted for breaking election laws, violating lobbying rules or committing regulatory fraud. on the face who is going to argue

and of course bernanke was talking about financial firm, regulation. and also, by the way, got a bond market rally. so we saw the ten-year yield. so the curve is not necessarily good for these finalities. and, karen, specifically for bank of mesh, we saw that sell-off late in the session. you're a holder. >> i am a holder. >> is that a concern, to you? >> no, not really. when i think -- it certainly wasn't the bond sell-off that was a concern. if you think about -- i'm thinking about when they report earnings, let's think about what happened in the credit markets during the third quarter. it was a phenomenal rally. so i have to believe that the credit -- that their credit losses will be smaller than people would have thought in june of this year, july of this year when they reported the second quarter. that rally in the third quarter was really incredible. so today's tiny move the other w way, i don't think that matters. i actually think this ken lewis thing is a good thing because it does remove some controversy. obviously, everyone's waiting to see w

>> ben bernanke testifying before the congress touched on the two big to fail problem. congress is taking note but not doing anything about it. we are just sowing the seeds for this crisis to happen again. >> jonathan? >> one relationship i think you should know about, is the relationship that has been brewing for a long time, when stocks are up, the dollar is down. if you are worried about stocks falling, you might actually bet operate dollar. there's an etf, uup, power shares dollar bull this is the ironic safe as is going to go up. >> i think it is interesting. because of the dollar, the dollar is so weak. >> that's the most interesting part. >> jonathan? >> the dollar is a safe haven. >> yeah. i do think the dollar is in a long term trend we've seen it do terribly certainly the last six, seven years. when the stock market falls the dollar trend rallies. >> i agree. >> speaking of the marques, jonas, next week are -- of the markets, jonas, next week are we in trouble? >> i think the economy is not going to recover as fast as people hoped. >> guys thank you, had a gre

chairman bernanke runs a more democratic institution than some of his predecessor. he's not the imperial chairman. what we're hearing is a bigger range of views. also, remember, that two main speakers we're talking about, they sit at the cool kids table. they send the important messages. >> is there a cool kids table? >> that's the point. >> vince, that's really the point, it's not that it's a different message from say the one from the statement. you're right. happen all time. the fact it came from kevin and it raises two questions, is the cool kids' table have they come up with a new thing that's cool or is kevin no longer at the table? >> the reason you stay at the cool kids table you never go rogue. i think -- >> mixed message? >> they want to underscore that they are willing to go fast if that's what's necessary. so, i see vice chairman trying to pull back the message that kevin sent. >> i don't agree. i'll tell you why. i didn't know i was going disagree with you on this. i'll tell you why. if kevin is at the cool kids' table and that's the message, then he do

a new report says that ben bernanke and hank paulson this lead us about the bailout.: new information says al qaeda is part of a big scam in pakistan. this one comes from sally in georgia. the weekend is gone, give me fair and balanced fox and friends news. steve: michael steele, he is going to be with us in a couple of minutes. gretchen: first, this is a fox news alert. the u.n. temporarily closing its offices in pakistan after a homicide bomber blew himself up in a food office nearby. new video shows the chaos in the streets. two pakistani women among the victims. several were injured. u.n. secretary-general ban ki moon condemned the act. two pakistani generals tell officials most of the money meant for the military was used for other causes. most of the money went to subsidize the economy, this under pervez musharraf. the 19-year-old accused of trying to build -- blow up a skyscraper in dallas is in court today. hmadi part of what he thought was a van full of explosives. a judge will determine if there are sufficient cases to go forward in the case. if convicted, h

i don't think necessarily bernanke disagreed with geithner. the council had always been part of the original proposal. the consumer protection safety agency is moving forward. >> wait a minute. >> frank is saying he's going to have legs laying soon. so i think we need it and the political side is moving forward, especially on the consumer protection side and -- >> isn't risk taking at the heart of capitalism. >> there's risk and there's excessive risk. if you look at the 1980s, what we have had is we have had excessive risk that often the market was not pricing in, and what all of the literature says, all the research says is you liberalize the markets, you need more transparency and more efficient regulators. that's really where we have fallen down on the job. >> let's let dan mitchell weigh in on this. >> two things i think are important. number one, the most important thing that should happen is we need to learn from the government mistakes that caused the current financial crisis. so hopefully in the future the fed will not be creating exc

don't care what ben bernanke says about it being over. if you're looking for work, it's still tough out there. but one place you might look is at your own employment office. that's right. what is it you're capable of doing as a self-employed individual? not only is this where you might create new opportunity, but there's a new survey out that shows that people who work for themselves are the happiest of people. regardless of your education level. even comparing you to people who have advance ed degrees and professional degrees, overall you have the greatest chance of fulfillment and happiness if you are working for yourself. you don't believe me? this survey was over 100,000 people. check it out. i'm clark howard. check me out at cnn.com/clarkhoward. >> clark will taeeach you how t save more, spend less and avoid getting ripped off on saturday and sunday here on hln. >>> a very good morning to you here on "morning express." robin is on assignment today. i'm richard lui in for her today. we have a lot of news on "morning express" on this f

ben bernanke is expected to go to bat for the american consumer today. he is expected to testify and capitol hill that protecting consumers from deceptive banking practices is vitally important. all of this is according to information obtained by bloomberg. september sales figures will be out today for car sales. they probably fell once again as cash for clunkers expired. the end of the road for saddam. gm says it will close the brand -- the end of the road for saturn. a gm says it will close the brand. stocks are falling after a manufacturing report had concerns that the economy is struggling to recover. stock index futures are pointing to a slightly lower open here on wall street. after 40 years with bank of america, ceo ken lewis is resigning at the end of the year. he has become a distraction as regulators and lawmakers, over the details of the $29 billion takeover of merrill lynch. lockheed martin says that the delivery and launch date for the newest pentagon satellite system will be delayed to early 2011. the system was supposed to be launched this

bernanke said the dollor could be at risk if we didn't control the budget gap. that might meep higher rates, which would be positive for the dollar. what got hurt? you know what happened. commodity stocks are the ones that get hurt the most. today we are seeing 4%, 5%, 6% in big names like steel, copper and potash as well as the energy group. brian shactman, nasdaq getting any lift? >> no. it's a broad-based sell-off. we've been down more than 2% since jason on the east coast. i get like this on red days. i want to start with something green. talecris, one of the biggest ipos of the year, up 15%. a lot of inquiries with me in terms of comcast stock. the speculation about nbc universal, down 6.6%. we have cisco down 1.6%. they bought tanberg, the norwegian teleconferencing company. the weakest of the weak, clearly the chips. philly semiconductor index down 4.2%, qualcomm 4.4%, broadcom hammered, 5.9%. microsoft, there is a report out there saying bing lost market share since last month. oracle is down 1.8%. ebay 2.3% and yahoo 2.5%. rimm and dell outperforming re

ben bernanke gave a speech last night. but once again he said, yeah, we can drain cash and we can sell bonds to pull cash out of the market. but we're not going to do so any time soon. william dudley, the head of the federal reserve bank of new york, essentially said the same thing. so as i see it, dudley at the new york fed, bernanke the big chief in washington, plus geithner, plus rahm emanuel are all on the same page. they don't care about the falling dollar. is that your take? >> it is, i'm a believer that it matters a lot. the fact that they keep trying to -- that i don't even pass the last one when they say they're pursuing a strong dollar policy does not insure confidence. >> action is better. why shouldn't the fed start draining cash right now? why shouldn't the fed do what paul volcker did 40 years? start moving that target rate up? and why isn't the treasury department backing it up with some dollar purchases in the open market? okay? i'm not a big interventionist. but if you have a two-pronged attack, robert rub

bernanke hinted he may raise rates in the future. six months ago when we were in a crisis, people still turned to the dollar. it still is the currency people look for the most of the the american economy is still the one people look to the most. obviously with china, india, et cetera, we're looking elsewhere for opportunity. but as of right now, the u.s. still stands to the economy people are looking to. >> do you want a strong dollar or weak dollar for stocks? the street recently said the weak dollar is good for stocks, because it basically means the future earnings and every other currency when you bring it back here is worth more dollars. >> i would agree with that to a certain point. but also, let's look at the american consumer, who is still, you know, about 70% of our economy, they need to have buying power. if we take away their buying power completely, we don't want to end up where mexico was 15 years ago. you know what i'm saying? >> the other big plank obviously is what happens with all the liquidity coming from washington.

i think bernanke says we didn't say he could lose his job. paulson said we did tell them they could all -- so they were all in the room, who do you believe. hank admitted to him saying that, having said that, bernanke said no. i think lewis did the right thing. i think he had wise legal counsel. i think the deals were made. i think they're going to turn out to be extremely beneficial. you can always look back and say "what if," but over the long term, and that's how you want to build businesses -- >> great franchises. >> the strongest franchise in the financial services is merrill lynch. >> so you're still a holder of b of a. what are your thoughts on financial services in general? do you think we're going to see a different industry going forward? is it a smaller, less leveraged -- you don't think it changes much? >> we're living longer. we're going to accumulate assets for our retirement. i look at guys that have done a superb john like larry fink, with his company black rock. people are going to be reaching out for advice and counsel on fi

>>usie: tomorrow fed chairman ben bernanke testies on capitol hi about giving the fed more power to oversee bas. >> susie: ly 85 more shopping days 'til christmas and wamart is using allf them to attract bargain hunters. the retailer is pricing re an 100 toys at ten dollars each. they include classic boa games, popular dls and action figures. some items are mard down more than0%. lastear, wal-mart offered just tetoys at ten dollars. the prices are aimed a recession-mindedhoppers keeping a tight re on the purse stngs this year. >>aul: chevron has a new chairman and ceo and he'll te threins at the end of the year. john watson s been with the nation second largest oil company since 1980, most recently as vice chairn. current ceo vid o'reilly is retiring after 41 years th the company. euquu >> susie: here a look at what'sappening tomorrow. september auto sal are released along witthe august reports onersonal income and construction spending. in the moneyile tonight why the sidelines aren the best place to be you're planning r retirement. here's charles benne sachs vice psident and wealt manager

but i would assume bernanke wants a lower dollar judging by his action. >> absolutely. they want to export their way out of this, stimulate growth. >> and these coal stocks have me fired up again. i was losing a little bit of face. you look at peabody and talk about 18 fwhl potential asectors the reserves they've got, and it's trading at $10 billion right now. then you talk about 7% growth in the pacific rim. a lot of very, very positive things right now. metalurnlgic coal. not the thermal coal. met allurgic coal. 30% margin as opposed to 20% in the u.s. ewe got to like the ceo. peabody one of the names walter industries had a huge spike off that today as well. >> bank of america out with a very bullish call on gold saying 1500 bucks an ounce by 2011. they also say that that will happen when oil hits $100. you though why they say that? because they say the last time gold hit its record high, which was back in march of '08 with 1030 oil followed just a few months later in july with its record of 147. we also saw today a bullish reversal in crude, joe. >> we talk all the

. >>> fed chairman ben bernanke goes to capitol hill, where he's expected to call for tougher financialegulations. he'll tell congress the companies should be prevented from becoming too big to fail. >>> and in salt lake city, elizabeth smart will face her alleged abductor for the first time since she was kidnapped in 2002. a homeless street creature is accused of holder h her captive for nine months. >>> and a hero pilot returns to the cockpit today. it will be the first flight chesley sully sullenberger is piloting since january. he'll fly the name route as was planned that day, new york to charlotte. >>> coming up on "good morning erica," the latest fallout from mackenzie phillips' bombshell allegation about her ongoing sexual relationship with her rocker dad. >> on "gma." >>> for some of you, your local news is next. >> for everyone else, "america this morning" continues after >> for everyone else, "america this morning" continues after this. while i was building my fri, my family, while i was building my life, my high cholesterol was contributing to plaque buildup in my arteries. t

ben bernanke has been re-a pointed, renominated to chair the federal reserve.couple of months ago. his new term would begin in january and senator dodd says he does not see any problem or any way blocking the reconfirmation of ben bernanke to continue as fed chairman. michelle? >> bill, democrats are breathing a sigh of relief this morning because the congressional budget office says the new finance bill will not just be deficit neutral. it will actually reduce the deficit by $81 billion. take a look at the headlines today. i read snarkiness in this one, but maybe i'm crazy. new math boosts health plan. next one, health care plan wouldn't raise deficit, report says, that's from "the washington post," do the democrats have the right price for a health kay reform? democratic strategist and former arz arz congressman david hay worth. you both have 20 seconds to make your case. julie, let's start with you. >> yes, in fact, this bill that was just introduced by the senate finance committee would not just increase health care and expand it to 94% of all americans. it

stu, federal reserve chairman ben bernanke expressed concern about the strength of the dollar this week in the testimony on capitol hill. that was on thursday. listen to what he had to say. >> if we don't get our macro house in order, that will put the dollar in danger and the most critical element there is fiscal, long term fiscal stability which you have referred. >> do you share that concern, stu? >> absolutely, maria. the key is the long-term affordability of all of this fiscal stimulus is to have this economy grow. i think that the worst thing we can do is to raise taxes at the wrong time in the name of reducing the deficit. and then end up undercutting growth. >> i think that we have to be really careful on the tax issue. i don't want to pay higher taxes and nobody else does either, although i would like to get into a high enough tax bracket where i am at risk. just remember though that the last time we got anywhere near these levels of debt was 1992, just after the bush 41 tax increase, just before the clinton tax increase, and guess what, we had nearly a decade of very good grow

ben bernanke will testify before the house financial services this morning.estimony indicates he will tone down previous criticism of an obama administrator plan to create a separate industry to protect consumers. he clashed with barney frank over this idea earlier. a change at the top of bank of america. ken lewis is resigning at the end of the year. general motors is slamming the door on its saturn brand. they are winding down the brand and leadership brand. that is your business news. live at bloomberg headquarters in new york, i am linda bell. back over to you. >> thank you. >>> 5:25. 50 degrees. the news continues. >> still ahead, gear ready to shell out a little more for just about everything in the district. the city's sales tax takes a hike. >> if you're getting behind the wheel in maryland, i will tell you everything you need to note to avoid hefty fines. >> it is a cold start today, mainly in the 40's. grab a jacket when you head out. mainly in the 40's. grab a jacket when you head out. >> live and in hd, this is "good morning washington," on your s

yesterday, the chairman of the federal reserve, ben bernanke said, it's very likely at that recessionpe this isn't like when president bush told us the war in iraq is over. determining what is the beginning and end of a recession isn't an exact science. in fact, we have a very old-fashioned way of doing it. look at this. >> it's been taken off the table. and we're well on our way to a full-blown economic recovery. >> jimmy: see that, what they do is pull jim cramer out of his hole and when he sees his shadow, the recession is done. you don't know who jim cramer is, do you? that's why the joke didn't work. a mexican show upstairs, if you guys want to go there. [ laughter ] right now on hollywood boulevard, outside of the building there's a guy named chewbacca. he works for tips. he sees people all around the country every day. who better to ask whether or not the recession is over than him. >> i don't think we're out of this recession yet. but i just save all of my money that i make. i save it. i put it in this jar at my house. if i was really, really rich. i'd get like a big, a big po

we saw ben bernanke talking about that. jobs are a lagging indicator. >> painful still for so many people. jen, thanks. >>> tlc is stopping production on the reality show "jon & kate plus 8." the network says jon gosselin sent a cease and desist order to stop filming his children. gosselin told larry king that he's trying to protect his kids. >> i'm asking not to be on the show. i'm asking my children not to be on the show. i don't want them to film anymore. i don't think it's healthy for them. and the reason i don't think it's healthy for them is we're going through a divorce right now. i don't think it should be televised and i think my kids should be taken off the show. >> jon wachbts to try in in the media, doesn't want to go to a judge or deal with the best interest of the children. that's kate's sole concern. >> kate gosselin accuses jon of stopping the show because producers wanted to focus on her experience as a single mother, giving her a lesser roll. >>> lawmakers wourkd until after midnight on a health care compr

he hangs timothy geithner, ben bernanke, chris dodd, hanging them out to dry.e left obama off the hook. then he goes into the small thing about socialism and how would never have a chance in this country but they did not anticipate change coming. then he starts talking about how obama was being criticized for being a socialist, but every time they did it his ratings went up in the election. as far as michael more -- michael moore is concerned, he is a socialist. >> he is a socialist that enjoys capitalist perks. sean: he would not admit it. come on, give me a break. admit it. >> he calls capitalism corrupt and evil. he does this with a simplistic argument that the financial downturn in the crisis was completely the result of the greed of bankers. yes, they had something to do it, so did all the people purchasing houses they could not afford. it encouraged by democratic lawmakers on the hill. encouraged by fannie mae and freddie mac. but that is his thing. sean: let me ask you this. we hear about athletes, and i will not get into your personal business, but how

we could be out of the recession as ben bernanke says and trying to make people understand the jobless rate is going to continue. it's going to be above 10% and they are sticking to it. they are trying to explain why health care reform is necessary. people in jobs are afraid to leave their jobs because they would not get health insurance, they cannot afford health insurance, it's forcing employers to cut back on providing it to employees. republicans are using this to hammer the president saying what about the stimulus package? this was supposed to help solve all these problems, including the unemployment rates. candace miller is a republican in michigan. here is what she had to say in response to the president's internet address. >> democrats are redoubling their efforts to implement policies to stretch budgets further and pile more debt on our children and grandchildren. of course, a costly government takeover of health care is there. >> reporter: republicans hammering away on the health care reform plan put forward by democrats. also, never failing to mention the energy legislation,

so ben bernanke is testifying on capitol hill this morning and is telling lawmakers he thinks the fed and some kind of counsel of regulators should oversee the financial system. his remarks amid criticism of an obama administration plan to put most of the regulatory authority in the hands of the federal reserve. shares of discount retail chain target are lore after the consumer product safety commission fined the company $600,000. the company sold hundreds of thousands of chinese-made toys with too much lead in the coating. though target denies that it knowingly broke the law. shares of comca are also taking a hit this morning on widespread reports now that the company is in talks to buy all or maybe part of nbc universal, of course that's the company that owns cnbc and wrc. the company says the reports are quote unquote inaccurate and comcast and nbc u say they don't comment on rumors. so joe and barbara, maybe we'll have a new employer. maybe not. >> i'm not hearing a very strong denial. >> but you know, y could say where there is smoke there's fire. maybe there's something going on

i don't care what ben bernanke says about it being over.f you're looking for work, it's still tough out there. but one place you might look is at your own employment office. that's right, what is it that you're capable of doing as a self-employed individual? as an entrepreneur. not only is this where you might create new opportunity, but there's a new survey out that shows that people who work for themselves are the happiest of people regardless of your education level. even comparing you to people that have advanced degrees, professional degrees. you are actually overall having the greatest chance of fulfillment and happiness if you are working for yourself. you don't believe me? this survey was over 100,000 people done by what's known as the gallup well being index. check it out, i'm clark howard, check me out at cnn.com/clarkhoward. >> and you can get much more helpful advice today at noon eastern. don't miss the clark howard show right here on hln. >>> anna nicole smith's boyfriend and two others will have to go on trial. why a judge be

but a day like today when you watch congress grill as someone as good as our federal chairman ben bernanke with a lot of questions that have nothing to do with the fundamental issue creating jobs, then you know congress has to get its act together. you know what they need, they need a role model. and believe it or not, i've got one. i think our congress needs to take -- start taking its cue from the people's republic of china, at least when it comes to economic policy. today is the 60th anniversary of the founding of china. and it's time to admit that the communist china seem to have a better handle on creating jobs than the capitalist in the u.s. congress. i do to the mean to celebrate a repressive regime. i don't -- or why not, right? just leave it on like a real clown. i don't think that we should emulate their human rights track record and mao, come on, he's a nightmare. the wife was a little better. but we can't ignore their economic policy track record. we can have china's job growth without any cultural revolutions, unless the culture revolutionists is toward live programming that c

. >> i think it will hit 10 and ben bernanke has already called the rescission pretty much over. these recoveries have bits and starts and this is one of the fits and that's not terribly hopeful moment. in terms of the olympics, also, just the excitement of the olympics and the national pride that you referred to. that said, this olympics will be in relatively our time zone, rio de janeiro is about an hour ahead of us. >> yep. >> it is good for broadcasters. let's just face it. nbc is pretty happy about this and if you look at the scene, looking at that video presentation that the brazilians put forth in copenhagen, it was a brilliantly produced video. >> absolutely. by the way, no truth to the rumor that later tonight the president is going to be watching the michael caine movie, "blame it on rio." i wanted to put that to rest. that said, rio, absolutely, a big deal for south america. in many ways, one of the -- you know, when you look at the world economy and the global economy, asia's taken off. europe with the eu has become this global force. you know, nothing better for the

. >> ben bernanke, the chair of the federal reserve, has been suggesting that our economy may be out of a recession. is predicting some growth, although he still says that he predicted above 9% unemployment through the end of 2010. do you agree with those protections? >> well, without predicting, i will say -- >> of course, you don't do that. >> i would say it has worked in the past recessions, it does take a little while for the labor market to catch up. >> i think it's hard for people to understand that wall street is doing better. the stock market is doing better. to explain how the economy may be recovering while job losses really do continue to mount. there's predictions that were going to see an increase in the unemployment. so could you explain his? >> i think a lot of it has to do with what we've been talking about with consumers. consumers have to get i think we need to get consumer confidence back up your consumers have to get comfortable. increasing spending levels, getting back to spending. and in businesses have to work through their typical patterns. one of the things t

access.wgbh.org captioning sponsored by wpbt >> paul: just one day ahead of a key labor report, fed chairman bernanke tells congress there are no magic bullets to combat high unemployment.

. >> ben bernanke heads to capitol hill to talk about fighter -- tighter financial regulations. he'll reportedly tell the house committee the government has a responsibility to see financial institutions doesn't get so big that their failure could devastate the economy. he's expected to ask congress for tougher laws to protect consumers. >> it is the end of the road for yet another general motors brand. gm says it will shut down its saturn division after a deal to save it fell through. chris bury reports. >> reporter: for more than 300 saturn dealers and 13,000 gm employees, this is the end of the road. for gm, saturn had become an unwanted, unprofitable step child. >> i think general motors really ignored saturn. they launched it strong, did a lot bringing it out and let the product age and become uncompetitive. >> reporter: saturn debuted 20 years ago, gm's long-awaited answer to japanese imports. saturn pioneered no haggle pricing. management and union boasted of a team approach but sales peaked in 1994. it never made a profit. >> it looked good and was well marketed but it w

shape than previously thought treasury secretary henry paulson and federal reserve chairman ben bernanke set up the time that the force feeding of $100 billion into nine banks was a program for healthy institutions. it turns out those banks were less than healthy. this report suggests that the treasury created unrealistic expectations about those banks' ability to lead. bill: a new york man taken into custody for tweeting about the protests. he helped protesters being arrested by using police scanners and twitter. he has been charged with criminal use of a communication facility and possession of instruments of crime. his lawyers argue that he did nothing illegal. the debate could be very significant. patti ann: it is the first monday i'm not -- in october, and the first new session of the supreme court. it is also the first term for justice sonia sotomayor. what types of cases will the court likely take on? shannon bream is live at the supreme court. >> the lot is on the docket this fall. we know that the court is very interested in these. the first monday in october, it is busy here. t

there's a growing consensus that this administration, along with bernanke at the fed, managed to keep us from sliding into a new great depression. s they saved the economy. that's a huge deal. >> i agree with the argument there, because i think mccain -- i believe we did meet, because of printing the money and fiscal stimulus, the president offset that tremendous down fall in consumer spending and investment. but since the world didn't go into depression outside of united states, isn't that a hard argument to make, that he won by doing that? skts well -- >> name a big country that went into the depression. >> it's not that hard, the u.s. is still the leading economy. el we have the lead on that. and i think there is -- not just among the hard core kainsians, but did a fabulous job in keeping this from turning into a catastrophe. >> by the way, congratulations to your colleague down there, robert gibbs, the press secretary. i was so impressed this saturday to see that he drove down to richmond for jody powell's memorial service, his predecessor. that's a lot of class there. by the way,