as darren gersh explains they're still virtually worthless. >> reporter: it was stunning news. last friday, a reborn general motors peeled out of bankruptcy far sooner than anyone thought. and shares in g.m. jumped on the news. the only problem is, there are no shares in this new g.m. >> they were buying a corpse when they thought they were buying a baby. >> reporter: finance professor james angel said many would-be investors thought they were buying the new, post-bankruptcy g.m., when, in fact, they were buying g.m.'s cast off parts-- the assets that are still languishing in bankruptcy court and might be stuck there for years. >> many of the online news wires basically said "general motors, gmgmq today emerged from bankruptcy. " so many people thought, ah ha! i can buy stock in the new company now, but it wasn't the new company they were buying. it was the corpse of the old company. >> reporter: when g.m. went bankrupt, its old stock got a new trading symbol-- gmgmq. that confused some investors so regulators have given the old company a new name-- motors liquidation company.

as darren gersh rerts, the questions how to keep the world's largeseconomies headed in theame direction. >> reporter: it wachinese state councilor i binguo who summed up the self-interest at brings the u.s. and china together in massive etings like this. >> ( translated ): we are in the same big boat, that has en hit by fierce nd and huge waves. >> reporte as massive economies, both untries are critical to the emerginglobal recovery, and both couries also have coon interests and oblems. see why, l you have to do is walk acro the street from this meeting to thu.s. treasury. the u.s.overnment is selling a record $115 billion in debthis week. the chinese, of cose, are the biggesholders of that debt, their stake topping mo than $800 billi. economist uri dadu says that means ina doesn't want to see either too much inflation oroo little growth the u.s. >> so look at ina as now being a significant stakeholr in how the u.s.conomy performs. >> reporter: the.s. too has a prrietary interest in china, ich is on its way to becomin the largeseconomy in the world, a is already one of the largest marke

but as darren gersh reports, the key unanswered question is still how to control costs. >> reporter: with negotiations over health care reform in intensive care, house democrats like xavier becerra stressed the need to cut costs in a system everyone agrees is inefficient. >> in a two and a half trillion dollar system, you should be able to find the savings you need to pay for any reform. >> reporter: health care experts do agree on where to find a chunk of those savings. starting with medicare, where more efficient delivery of services could save more roughly $120 billion a year. reducing the employer tax incentive to offer health insurance, some $250 billion a year, would also save money by forcing businesses to seek out more efficient health plans, hospitals and doctors to treat their employees. there is just one problem with saving money in health care says the heritage foundations stuart butler. >> somebody has to make the decision. somebody has to stop certain things from happening. and either the government is going to do that or the market is going to do that. it's got to be o

darren gersh"nightly business report," washington. >> jeff: alcoa marks the unofficial start oearnings season tomorrow wh it reports second-quarter rests after the bell the company's thfirst dow coonent to show its cards on the cond quarter, expected to post aoss for the third time in a row. because alcoa is seen an economicellwether, its performance will be rutinized. suzanne pratt reports, instors are watching for signs life, both in the aluminum instry and the basic materials sector. >> reporter: a hotummer and lots of thirsty people cou be aloca's best hope foa pickup in demand,s soda can makers wod need to stock up on aluminum. but experts y alcoa is unlikely to see acceletion in dema from other buyers of the tal, like carmakers or aircraft builds. that because the economy has yeto show significant signs of recovery. as a result, the's little expectation thaluminum giant's earnings will bu the stock market vertheless, s&p uity strategist alec young ys, when alcoa speaks, invests should listen >> when they give us fward guidance, people areoing to read intthat. there's a lot of int

but as darren gersh reports, chairman mary schapiro says the s.e.c. is improving the way it does business. >> reporter: to many members of congress, the securities and exchange commission is almost a troubled teenager. after each bad report card, it offers a long list of excuses. today, congressman scott garrett asked s.e.c. chairman mary schapiro why investors should believe this time will be different. >> it seems like the s.e.c. is always coming in after the fact to the table, always a different chairman, saying, "we realized our errors and now we're going to try to correct them." >> reporter: in response, schapiro offered a long list of corrections. the s.e.c. is focusing enforcement on what it calls "high impact cases" that could hurt the most investors; it's increasing training for employees; and hiring more experienced market professionals; and tightening controls on investment advisers. but schapiro cautioned there will always be criminals like bernie madoff who are caught after the fact. >> to some extent, all regulators, not just the s.e.c.,

darren gersh, "nightly business report," washington. >> paul: wall street headed moderately lower this morning as investors took profits for a third straight day. early selling was also prompted by a much bigger than expected 2.5% decline in june durable goods orders. by midday, the dow was off 64 points and the nasdaq down 16. then, a poorly received five- year treasury-note auction drove stocks lower. but a late buying spree trimmed the closing losses. the dow ended the day down just 26 points at 9,070.72. the nasdaq fell 7.75 to 1,967.76. the s&p 500 lost 4.47 to 975.15. in the bond market, the 10 year note gained 6/32 to 95-19/32 putting the yield at 3.66%. >> suzanne: a multi-state crackdown on medicare fraud today netted 32 arrests in houston, boston and miami. it's the third major sweep in two months. and the busts are working. the feds have arrested 145 people, and recovered more than $370 million. medicare celebrates its 44th anniversary tomorrow, and as jeff yastine reports cutting medicare fraud could help pay for health care reform. >> reporter: medicare fraud. it's been a

but as darren gersreports, the chalnge is not just litical. >> reporter: witthe apollo 11 astronauts todaythe president must have ndered why it took less than a decade to get to the moon, but has tan more than five decades to get this clo to a health careverhaul. unlike the dramatic spe race, alyst paul ginsburg says health care refo is not about winning, it's about cuttin costs and keeping people fm losing coverag >> so a sense it's preventing bad things fm happening, and that'sore, a lot harder to do than pnting out a positive ing that a lot of people wou be eager to get to, which very clearly defed. >> reporter: this week, congress isocusing on things it has not been eager to do. key committees ctinue to search for the money nded to insure allmericans. with no obous solution in sight, policy analyst alec phillips says the white hous has toned down i call for immedie action. the white house is starting to realize that this is gointo be very difficult push, that there are a t of challenges not only political, but scal, and that some of the difficulties that they fe can't really be s

darren gersh, "nightly business report," washington, d.c. >> suzanne: stronger than expected corporate earnings have helped underpin stocks this week and push the dow over 9,000. while some economists believe a stabilized profit picture suggests the recession is coming to an end, others are not yet convinced. in fact, there is growing concern about a double-dip recession, also known as "w- shaped" recovery. as we continue our "reviving the economy" coverage, scott gurvey takes a look at how some experts actually "spell" recovery. >> reporter: tonight's story is brought to you by the letter "v", or maybe "l". perhaps a "w". how about "u"? we're not sure because when you ask an economist to forecast the shape of the recovery, you could get any one of those letters as an answer. we already know that the front part of the shape is like a "v," and it is not pretty. the question is, where do we go from here? joe mcalinden is bullish. he says the bottom is now and a sharp upturn is about to begin. >> i'm in the "v" camp. i think that we definitely are making in global g.d.p. a sharp bottom, a

darren gersh, nightly business report, washington. >> susie: a security warning tonight from microsoft. hackers are targeting a hole in its windows xp and windows servers 2003 systems. vulnerable computers can be infected just by visiting a web site that's been hacked. if not fixed, cyber thieves can remotely take control of victims' computers. the problems are specific to microsoft's "video active x controls" on older versions of internet explorer. microsoft is working on a software patch for the security flaw. >> jeff: microsoft shares were among the nasdaq most active. we'll see them as we take a at some stocks in the news tonight. >> susie: another headache for california as it grapples with a massive budget crisis. fitch today cut its ratings on the state's general obligation bonds by two notches. the ratings agency specifically cited california's inability to reach a budget compromise. legislators have been deadlocked for more than a month over ways to close the state's $26 billion budget gap. until a deal can be worked out, fitch says its keeping the state's ratings on watch for

as darren gersh repos, the question ihow to keep the world's largest onomies headed in the se direction. >> reporter: it was inese state councilor dabinguo who mmed up the self-interest th brings the u.s. and cha together in masse meetings like ts. >> ( transled ): we are in the same big boat, that s been hit by fierce wi and huge waves. >> reporter:s massive economies, both cotries are critical to the emerging gbal recovery, and both countes also have comm interests and prlems. to see why, alyou have to do is walk acrosshe street from this meeting to the s. treasury. the u.s. gernmrt is selling a record $115 billion in debt is week. the chinese, of cour, are the biggest lders of that debt, their stake topping morehan $800 billion economist uri dadushays that means cha doesn't want to see ther too much inflation or t little growth inhe u.s. >> so look at cha as now being a significant stakeholdein how the u.s. enomy performs. >> reporter: the u. too has a propetary interest in china, whh is on its way to becoming the largest onomy in the world, ands already one of the largest markets fo

darren gersh explains. >> reporter: always cautious, the federal reserve is checking out the exits in case of an inflation emergency. a jump in prices would require the fed to unwind the $600 billion it has pumped into the economy. but chairman ben bernanke made it clear he and his colleagues are not expecting to put an exit strategy into action for "an extended period of time." vince reinhart is a former senior staffer at the fed. he says the central bank won't raise interest rates or tighten credit until it believes a durable economic recovery is under way. >> they don't have that evidence yet, and they are trying to send a signal to push back against market participants who are expecting too quick a turn in monetary policy. >> reporter: yes, banks are looking better and markets stronger, but bernanke cautioned the recovery he expects later this year will be tepid and rising unemployment remains a major concern. >> job insecurity, together with declines in home values and tight credit, is likely to limit gains in consumer spending. the possibility that the recent stabilization in ho

darren gersh, "nightly business report", washington. >> suzanne: some of the biggest names in technology report earnings this week. yahoo, apple and microsoft are among them. but don't expect those numbers to tell the same story. as scott gurvey reports each company will paint a different picture about how it and the economy are doing. >> reporter: so far so good for investors in tech stocks. early second quarter earnings numbers are good, but there remain many questions for the weeks ahead. last week, intel had an encouragingly bullish forecast looking ahead to the second half. but the semiconductor sector needs to see confirmation from texas instruments, amd, sandisk and broadcom. when it comes to hardware, dell is falling way behind its rivals. one of them, ibm, raised its outlook for the year, but it said the economic environment remains tough. analyst thomas smith of standard and poor's says i.b.m. and hewlett packard are the stocks to watch here. >> both those companies have diversified into services and through this downturn their punishment on the revenue line, if you will, has b

darren gershxplains. >> repter: always cautious, the federal reserve is ccking out the exs in case of an flation emergency. a jumpn prices would require the fed to unwd the $600 billion it has pumped to the ecomy. but chairmanen bernanke made it clear he anhis colleagues are not expecting to p an exit stragy into action for "an extended period of time. vince reinhart is a form senior staer at the fed. he says the ntral bank won't ise interest rates or tighte crit until it believes a durable economicecovery is under y. >>hey don't have that evidence yet, and they are ying to send a signal to push back agnst market participantwho are expecting too quick turn in monetaryolicy. >> reporte yes, banks are looking tter and markets stronger, but bernan cautioned the recovery hexpects later this year will be tepid and rising unemploymenremains a major ncern. >> job insecurity, tether with clines in home values and tight credit, is likely toimit gains in conmer spending. the possibility at the recent stabilation in household spending will provtransient is an important dnside risk to thoutlook.

but as darren gersh ports, the challee is not just potical. >> reporter: with e apollo 11 astronauts today, e president must have woered why it took less than a decade to get to the moon, but hataken more than five decades to get thislose to a health re overhaul. unlike the dramatispace race, analyst paul ginsburg says health care form is not about winning, it's about cuing costs and keeping peop from losing covage. >>o in a sense it's preventing bad thin from happening, and th's more, a lot harder to do th pointing out a positive thing that a lot of peopleould be eager to get to, which is very clearly defin. reporter: this week, congre is focusing on things it hasot been eager to . key committe continue to search for the mon needed to insurell americans. with no obvis solution in sight, policy analyst alec phillips says the white use has toned do its call for imdiate action. >> the white house is starng to realize that this is ing to be a very difficult push, th there ara lot of challenges not only political, t fiscal, and that some of the difficulties that th face can't really be s

as darren rsh reports, the de also clearly defines the role of a governme run health plan >> reporter: the health ca logjam broke afterhe idea of a public option-- essentially government heah plan offed to all americans--on critical backing from four conservave use democrats. onof them, arkansas's mike ro, was quick to add the support comes wi conditions. >> theublic option is just th, it's optional. it ges consumers more choices. it is not mandat on any of them. the puic option will be required to negoate with providers just like prive insurance industry does so w have a level playing field >> rorter: the public option iso politically sensitiv president obama is telling tn hall meetings acss the country he has no plans for the governmento take over health care. >> if you ke your health plan, u keep your health plan. these people nd to stop scaring people. >> rorter: the compromise reachetoday would let states seup health care co-ops to compete wi private plans. it also eps any government health insance plan from using its clout toet prices. ofourse, setting prices is al a way to hold

darren gersh, "nightly business report", washington. >> jeff: wall street was looking past the budget deficit, to the flow of analysts reports for clues on upcoming report cards from the nation's banks for guidance. and bulls liked what they saw. goldman sachs received an upgrade from an influential banking analyst, and that set off a stampede into the financials. by noon, the index was up 130 points and stairstepped its way back above the 8300 level by the closing bell. >> susie: our guest tonight says even though the markets rallied today, he does not think this is the start of a bull market. in fact, he's putting most of his clients' money in cash, not stocks. joining us now, joe battipaglia, market strategist of the private client group at stifel nicolaus. hi, joe. >> hi, susie. >> well, say it ain't so. why are you so cautious? >> i'm cautious for the u.s. economy is on very weak footing. the financial system still we leverage -- deleveraging and the consumer won't be back for quite some time. so when you look the an riment where wages are actually if decline, job losses continue

as darren gersh reports, the commodity futures trading commission says it's time for some answers. >> reporter: if you buy crude by the tanker or fuel by the truckload, regulators say you have a physical demand for oil, a real need to protect your business by trading in futures markets. the commodity futures trading commission is considering stricter trading limits on everyone who has a financial need for oil, meaning investors and speculators. c.f.t.c. commissioner bart chilton says the idea is to limit the ability of any one trader to push around energy prices. >> this is an effort to ensure that people are paying a fair price for commodities. it's not our job to pick a high price or a low price, but to make sure that it's a fair price that is traded and there is no manipulation or abuse in these markets. >> reporter: the futures industry association supports sensible limits on trading positions-- the question is how they are defined. association president john damgard says its important to have investors and, yes, speculators trading with airlines and truckers who are worried about

our darren rovell is here to tell us why. a very confusing story. >> it's weird and strange. >> that's why we like it. >> anyone who looks at lance armstrong's jersey, you'll see that the united states postal service and the discovery logos you'reamiliar with, they're now go. thnew sponsor is backed by i sumruk kazakhna. that the holding compa for kazakhstan's assets and development fu. they've ponied up cash to hope that the 37-year-d armstrong, who's currently in thirdplace, wins his eigh tour de francrs now, if u take a look at these jerseys,ou'll see kazakh ms corporation, which is e governmentwn mals and mining company. arastana the government owned airline is on the sleeves. and on the side of the jerseys that stands for the eurasian natural resources corporation. they also own kazmunaygas kazakhstan's gas coany, the railway,nd kazpos which is the national mail serve.a >> i have lot of questions. >> it's hard toigure out exactly howazakhstan is going ch in if armstrong finish with the yellow jery in a couple weeks. >> t

and our sports business reporter darren rovell is here with that story. darren? >> that's right.ting details here. you know, the last time we talked about ans armstrong and sponsorship we told you his current sponsor was essentially the government of kazakhstan. well, lance's new deal makes a little bit more sense. radio shack will be the sponsor of a new cycling team headlined by armstrong. sources tell us it's a two-year deal negotiated by wasser medias group. it's in the range of $10 million a year. which is kind of what top teams get these days. who knows if armstrong will ride in 2010, but the deal cleverly covers armstrong's rights as a triathlete and a runner. he's of course run in the new york city marathon and expressed a desire to compete in the iron man. now, for radio shack the deal makes sense in that it actually has a product to sell, unlike lance's recent sponsor, the kazakh government and discovery channel. there's a challenge in this deal in that radio shack has very little presence outside the united states so it doesn't take advantage of armstrong's worldwide r

darren, come on in. wow. >> darren! >> look at you!wouldn't have recognized you. congratulations. what is some of the great reactions you've had to people who have witnessed what we just witnessed. >> my best reaction is probably no reaction at all. i've walked by people at work and they have absolutely no idea who i am sometimes. >> you feel better? >> yeah, i feel ebullient. it is incredible. >> more active, more exercise? >> yeah, i'm out doing things now i wouldn't have dreamed about before. >> and he has a 17-month-old son. >> you're eating better. we should credit your wife melissa. with we bring her in? >> melissa has lost 75 pounds. we only did this together as a team. >> congratulations. in terms of cooking, i understand you're a great cook but had you to really change your whole approach to cooking. tell me about what you did? >> i stopped frying foods and cut out a lot of the red meat, cooked us a lot of quicken and ground turkey, lots of vegetables and focused on our portion control. >> but emotionally, you two focused on e

let's start with darren in new york. darren. >> caller: hi, jim. big phillies get cliff lee boo-yah. >> you know, we did have to give them a resin bag and apparently a couple broken bats. so it wasn't a clean trade. go ahead. >> caller: just wondering if i'm diversified. i have five stocks. bank of america, bac. >> okay. >> caller: cheesecake factory, cake. disney, dis. microsoft, msft. and pepsi. he. am i diversified? >> darren's just a straight shooting player. goldman sachs put out a piece, one of the best pieces i ever read about banking had all the stats and they came out and concluded bank of america, fifth third bank, but bank of america really a great way to play the banks. we've got that. i've been buying it for action alerts-plus.com. i wish i were bigger. that's my charitable trust. pepsi also in action alerts plus.com. indra nooyi, great quarter. we needed her to get the bottling acquisitions. they don't have that down yet. microsoft looks like they pantsed yahoo. nothing personal, carol bartz, but that was a good deal. bing. cheesecake

let's start with darren in new york. >> caller: hi, jim. great big phillyies boo ya. >> we did have a couple broken bats. it wasn't a clean trade. go ahead. >> caller: i have five stocks, bank of america, bac. >> okay. >> caller: cheesecake factory, cake, disney, dis, microsoft, msft and pep circumstance papt. aim diversified. >> darren is a straight shooting player. let's go to work. it's the best i ever read about banking, bank of america really a great way to play the banks. we have that. i've been buying it. i wish i were bigger, that's my charitable plus. pepsi also good. we thought they had a good quarter, we need them to get the bot'nling acquisition, they don't have that down yet. microsoft, looks like they got ya hoo. bing. cheesecake factory, an okay restaurant chain, not my favorite. there is a sense of a turn. disney, i praise bob auger, look what he's been able to do in this environment. imagine when things get better. amazing. we have entertainment company, software company, food company and we have a bank. i have to tell you,

darren rovell was one of the last to interview mays, and he's here to explain. i've noticed, darren, it almost seems like there's been more of him in the past couple of weeks. >> maybe not more but certainly as much, erin. there was a reason why billy mays became infomercial king, his everyman look, booming voice. led to big-time sales for many of the products he sold. when his wife decided billy's ads could run even after he passed away many companies were pleased. in fact, there are at least two new spots that mays filmed before his death that hadn't aired that are now in rotation. this is for telebrands jupiter jack. >> billy mays here for the jupiter jack, the most convenient hands-free device for any cell phone guaranteed. >> then there's this new ad for mighty putty. >> it has the strength to pull a 500-ton hms bounty across ocean waters. now, that's the power of mighty putty.y. >> so will people respond to a no longer living media pitchman? the company behind mighty putty sales are even better compared to sales before mays passed away. in march mays talke

but as darren gersreports, the key answered question is still how to control cos. >> reporter: with negotiatns over healtcare reform in intensive care, house decrats like xavr becerra stressed the need to cut costs in a stem everyone agrs is inefficient. >> in a two and a ha trillion dollarystem, you should be able tfind the savin you need to pay for any reform.lth e do repter:ealth care experts do agree on where to find a chunk of those savgs. starting with medicare, whe more efficnt delivery of services cld save more roughly $120 billion a year. reducing the employetax inceive to offer health surance, some $250 billion a yearwould also save money by forcing businesses to ek out mo efficient health plans, hospitals and doctors treat their emplees. there is just onproblem with saving money in health care ys the heritage fndations stuart tler. >> somebody has to make th decision. somedy has to stop certain things from happening. and either the government going to do thatr the market is gng to do that. 's got to be one or the othe each of them require chaes, very profound changes,n the way in wh

the wit's chief technology officer darren pinkham calls the fee a simple room upgrade. "its like getting a spa room. you pay more for a room at a resort with a great view and you get a spa visit included. the guests in these types of room get that added benefit and we think 15 dollars a day is a great value to the consumer." roomlinx stock is traded over the counter and has a market cap of roughly 8 million dollars. to help grow the company, it recently secured 5 million dollars in debt financing which it will then lend to hotels to help pay for the installation of the system. the news keeps getting worse for the nation's airlines coming in chart talk will take a closer look at the stock charts of some of the struggling airline companies. the news for the u.s. airline industry continues to get worse by the weak and the news this week's increase in u.s. air up waves on credit watch citing cash flow, a province and it may downgrade its credit which is best that is right now is already jaunt is likely to get into the drug territory in shares of have carved out the bottom r

darren ha darren rovell is joined by one of the insiders in getting people to the park. >> that's right. it's been tough in the state of arizona. they're among the leaders in job losses. phoenix has the lowest per capita income in any city with a major league baseball deem. that's environment the arizona diamondbacks are trying to sell tickets in. they're holding up well with fans. talking about this is derrick hall, president and ceo of the arizona diamondbacks. let's talk about attendance to start. you're down about 15%. how would you kind of evaluate that against the background of what we've been dealing with? >> knowing our performance and the economy coupled together, i think that 15% down is pretty good. you know, in this environment. i think it could have been a lot worse. what we've seen lately, too, in the last home stand is it's gone up. we've seen a lot of fans walking up and buying tickets just before the game, which tells me that staycation theory is coming true. rather than going to san diego or to the mountains they're finding alternative entertainment option at our place

darren gersh, nightly busine report, washingt. >> sus: a security warning tonight from microsoft. hacks are targeting a hole in its windows xp and wdows servers 2003 sysms. vulnerable computers can be infected just byisiting a web sitehat's been hacked. if notixed, cyber thieves can remote take control of victims' comters. the problemsre specific to microsoft's "vid active x ntrols" on old versions of internet explorer. microsoft is working oa software patch for the secury flaw. >> jeff:icrosoft shares were among the nasdaq most tive. we'll e them as we take a at some stoc in the news tonight. >>usie: another headache for lifornia as it grapples with masse budget crisis. fitch today cut itratings on the state's geral obligation bonds by two notches. the ratings agency spefically cited califoia's inability to reaca budget compromise. legislators have been adlocked for more than a month over ws to close the state's $26 blion budget gap. until a deal can bworked out, fitch says its keeng the ate's ratings on watch for downgrade. >> jeff: municipal bds were once a safe haven for insto

darren gersh, nightly buness report, washgton. >>usie: a security warning tonight from microsoft ckers are targeting a hole i its windows xp a windows servers 2003ystems. vulnerable computers cane infected jusby visiting a web te that's been hacked. ifot fixed, cyber thieves can retely take control of victims'omputers. the probms are specific to microsoft's "videoctive x ntrols" on olderersions of internet explorer. microsoft is working on ftware patch for the securit flaw. >> jeff: mrosoft shares were among the nasdaq most acve. we'll sethem as we take a at some stocksn the news tonight. >> sie: another headache for cafornia as it grapples with a massivbudget crisis. fitch today cut its tings on the state's genal obligation bonds by two notches. the ratings agency specically cited californ's inability to reach budget compromise. legislators have been delocked r more than a month over way to close the state's $26 bilon budget gap. until a deal can be rked out, fitch says its keepi the ste's ratings on watch for downgrade. >> jeff:

darren gersh, "nightly busins report," washiton. >>usie: house democrats unveiledoday their plan to revamp the hlth care system. it would creata government-run insurance option, d penalize businesses who don't off health insurce and individuals who refuse tbuy it. to pay for the orhaul, the bill wou cut medicare and medicaid, and raise taxes more than 5% ocouples earning more than a milliodollars a year. ngressman henry waxman says health carreform can't wait. >> we caot allow this issue to delayed. we cannot t it off again. we, quite frankly, cant go home for a recess unss the house and the sena both pass billto reform and restructure our health carsystem. >> susie: democrats still fa staunch opsition from republicans, w today called the proposed tax incases "onerousduring a recession. >> jeff: tomorro "street critique" guest paick o'hare goes bargain hunting amo the retailers. he's chief market anyst at briefing.com. >> susie: bernard madoffs spending the first night of e rest of his fe at butner federal ison near raleigh, north c

police say devon taylor, along with darren bullock were racing when bullock's car plowed into a crowd of 200 spectator. >> a former nfl quarterback is free later today. michael vick is released from house confinement in virginia. he is under house arrest in his home in virginia to complete his federal sentence on animal cruelty charges. vick was sentenced in 2007. >> well, today's the last day several rest stops in northern virginia will be in operation. tomorrow, 19 rest stops around the state will close to help shrink the budget gap. the rest area on eastbound i-66 in manassas will close to cars and trucks. the rest area on interstate 95 in dale city will close for cars but remain open to trucks. >> today marks the 40th anniversary of the apollo 11 moon landing. astronaut neil armstrong became the first man to step foot on the man. today, president barack obama will welcome the apollo crew to the white house. >> well, with the poor economy, many americans are skipping summer vacations to stay home and save some money, but it turns out that a great trip may not be that far out of rea

darren gersh has some perspective on ts fiscal mileston >> reporter: $1.1 trlion is enough to give every workein the united stes ten and a half weeks of paid vacation. $1.1 trillion is also abt enough to provide health ce coverage to every unsured american for a dece. but is $1.1 trilon too much debt for the united stes to pile on th year? budget expert stan collend doesn't think so >> everyone, chill out. this is extly what we should be doing right now. be grateful that the goverent is getting iright. >> reporter: right, collenr says, because we havan economy to fix and that requires government snding to boost dend. but $1.1 trillion is dramatic symbolith 11 zeros. each one telling budt watchdog maya mguineas the day of fiscal reckoning is coming sn. >> what we're doinis we are borrowinto keep the economy loat and this is a short ter strategy. the probm is that the trillion dollars is a reminder at we don't have any plato stop borrowing at aunsustainable lel. >> reporte some perspective re: the us economy's annual output is $14 trillionand the national debt is n north of $11 trlion. tha

cnbc's darren rovell is here with the details. he's pretty -- it's pretty amazing. we were talking about this during the commercial. >> it's interesting. and this is the risk of having athlete endorsers. but we'll see. this is an evolving story. yeah, ben roethlisberger yesterday strongly denying charges brought against him by a woman in a civil suit. and the charges alone have not stopped dick's sporting goods from running this ad, which actually came out this week. >> hey. >> ben roethlisberger. >> those nike marauder ds you've got right there show your team colors. they're also lightweight and help you be agile. which is crucial when you're moving around in the pocket. got it? >> yeah, man. >> the nike air marauder d cleat, only at dick's sporting goods. better athlete, better team. >> okay. so why is this ad still running? well, dick's sporting goods chief marketing officer jeff henning telling cnbc "our view is that this is a judicial process and we'll let this play out. ben has always been a great spokesman for us and until something in the legal arena has cha

sorry you're not here. >> darren, thank you very much.e it. >>> by the way, we've been telling you about this earnings news. johnson & johnson is the other big report of the morning. mike huckman is monitoring the health and consumer products giants from the earning conference call desk. he'll be checking in with us on any developments as they happen. it looks like he's busy listening and typing. >> or taking catalogue order. >> 411, information, city and state? you're listening? dominos, sn yes. >> avoiding a slide into socialism. some key republican leaders are putting up the regular flag, including our next guest, the chairman of the steering committee, senator jim demint.. check out futures. lost a little ground since the peak of the session after goldman handily beat the street, and so did j&j. you have questions. who can give you the financial advice you need? where will you find the stability and resources to keep you ahead of this rapidly evolving world? these are tough questions. that's why we brought together two of the most pow

. >> affairs like these exclude many, says darren walker, a vice president at the rockefeller foundation. he's spent his career studying race. >> many people in the african-american community react angrily, because one part of our community seems quite comfortable adopting the exclusive practices of the majority community that for many years kept us out. >> i don't think the tuxedo ball should be vilified. it's doing something for the privileged children who people think don't need anything. what they see is exclusion. what they see is elitism. >> most of them are tremendously active doing things for needy children as well. >> that afternoon before the gala, there are several seminars. >> if i don't believe in myself, how do i convince you to be my girlfriend? how do i get a job? >> in a seminar called "pathways to leadership" bertram lee spoke about his elite new england high school. >> we had many issue with his diversity. one of my teachers in my class actually called my a nigger in class. >> he said, mom, there was an incident, one of the teachers used the "n" word in the classroom.

from the nike town store in new york city, here's correspondent darren rovell. >> good evening.is one of nike's showcase stores, where the world's most powerful athletic shoe and apparel company displays its wares. it looks a little like a museum, which is fitting for a company that's turned its brand into a cultural icon. it all started with a few guys selling track shoes out of their cars. over the years nike has pioneered the use of cheap foreign labor and provoked attacks from critics. it's produced groundbreaking advertising and spent a fortune paying celebrity athletes to

according to "the american spectator" "newsweek" correspondent darren brisco who was embedded with the obama campaign has officially joined the white house. he will be working for the office of national drug control policy. his reporting contributed to the publication of "a long time coming," "newsweek's" book on the campaign. i'm sure the book and automatic the reporting were completely objective. hannity's america continues in 90 seconds with a stimulus update that will make your blood boil. sean: white house chief of staff rahm emanuel recently said the obama administration rescued the economy. news out of oregon today may have him reassessing his assessment. the a.p. reports that in oregon the 3,000 jobs democrats claim were created by the stimulus lasted an -- an average of only 35 hours so after less than a week those people were unemployed again. sean: president obama's criticism of the cambridge police in the wake of the henry louis gates arrest isn't sitting well with many police officers. >> i supported him. i voted for him. i will not again. i agree that i think it's admirab

. >> thank you very much, darren. next on the show, a retail company openinga i new store every 6 1/2 hours. we have the ceo. 7 a car czar where skng trying to make the car companies reopen some of those closed dealerships. we will have that story when "street signs" comes back. not long ago, this man had limited mobility. last month, this woman wasn't even able to get around inside of her own home. they chose mobility. and they chose the scooter store! if you or a loved one live with limited mobility call the scooter store! no other company will work harder to make you mobile or do more to guarantee your complete satisfaction. if we pre-qualify you for a new power chair or scooter and your claim isn't approved, the scooter store will give you your power chair or scooter free. that's our guarantee. they were so helpful and nice. they filed all the paperwork, and medicare and my insurance covered the cost. we can work directly with medicare or with your insurance company. we can even help with financing. if there's a w

according to "the american spectator" "newsweek" correspondent darren brisco who was embedded with thecampaign has officially joined the white house. he will be working for the office of national drug control policy. his reporting contributed to the publication of "a long time coming," "newsweek's" book on the campaign. i'm sure the book and automatic the reporting were completely objective. hannity's america continues in 90 seconds with a stimulus update that will make your blood boil. sfx: coin drop, can shaking hear that? that's the sound of people saving. saving money, saving time, and saving for the future. regions makes it simple - starting with lifegreen checking and savings - featuring free convenient e-services, up to a $250 annual savings account bonus and a free personal savings review. so make the switch today - and get into the rhythm of saving. regions - it's time to expect more. sean: white house chief of staff rahm emanuel recently said the obama administration rescued the economy. news out of oregon today may have him reassessing his assessment. the a.p. reports that i

i'm darren rovell. ben roethlisberger has been accused of sexual assault in a civil suit yesterday. he did deny those charges saying they were false and vicious and he would defend them. interesting float in this dick's sporting goods began running an ad with roethlisberger. they say that ad will continue to run and run in heavy rotation throughout the weekend. he's always been a great spokesman from us. this is from jiff hennie. and until something in the legal arena has changed they will continue with this campaign. it is also a commercial for nike's air cleat. and nike said that roethlisberger will continue to be part of their roster. we decline to comment on pending legal matters. the dick's sporting goods/ben roethlisberger ad will continue to run in heavy rotation throughout the weekend. this really the first big week of the ad despite the charges of sexual assault against the pittsburgh steelers quarterback. rebecca, back to you. >> thank you, darren rovell. >>> a $4.2 billion computer chip facility is coming to upstate new york. and it's expected to bring 5,000 jobs to the s

electronic systems that automatically detect trouble and stop a train barreling down the track when darren is imminent. how the proposed rule may affect metro is unclear. the fra does not regulate metro and the system already has positive train control but the control system has been on manual override since the tragedy. while metro consults with experts to develop a fail safe backup to comply with an urgent recommendation from the national transportation safety board. the american public transit association is being called on to assist. the association says any new system will be a tall order. >> well, the system that ntsb is recommending isn't something that dc metro can just pull off a shelf. it is something that is going to require some research and development. >> reporter: the new rules proposed by the federal railroad administration would stop a train even if its driver was texting, although here in washington it appears the metro system has tested the limits of such electronic systems. scott broom, 9news now and wusa9.com. >> thank you, scott. >>> turning now to the weather. feelin