david kelly, final comment. what will lead this recovery? states or as matt mentioned and others have mentioned, it will be china and the emerging markets? >> in the economic terms, the emerging markets, yes. i think the u.s. is now turning the corner. asia turned first, but we are turning and that is hopeful. i think we are on the right track here. >> all right. thanks. appreciate it very much. >> take a piece of cake on the way out. >> president obama dined with the ceos of verizon, new kor and starbucks, but even for the most powerful business leaders in america, no free lunch at the white house. joining us to complain they have to pay for lunch at the white house now. >> that's right. literally speaking. the ceos of the white house staff is collecting kredsit card numbers and billing them for the value of their lunch at the white house. the white house said this is done to prevent conflict of interest between the ceo and the president. i am told that they did in fact bill the ce, os who went there today as well. they did not bill profess

more now with today's power player david kelly.right now isn't it. >> i'm not there in sun valley with julia, but i can confirm from new york, there's a lot of literally tens of billions of dry powder of cash with the media conglomerates looking for compelling deals. what we're seeing in the center right now is a multi-year correction which has been triggered by the recession of course, so i think a lot a lot of moguls looking for strategic deals that can have -- >> tuna, one of issues they face, there's a decline in revenue because the economy is bad, then there's a decline in revenue because of a completely secular shift away from advertising on television to advertising on the internet which isn't nearly as lucrative? >> absolutely. you hit the nail on the head right there. the shift that we have seen is actually a longer term trend which has been going on for past five years now. i think the con glom rat trying to protect from the threat of cannibalism, as well as to capitalist on the shift you mentioned. that has led to conver

david kelly. >>> up next on the "wall street journal report." major health care reform is in congress' sights. we'll talk about that with former vermont governor howard dean. >>> then magical movies mean business at the box office. is the summer movie season heating up? take a look at how the stock market ended the week. (announcer) this is nine generations of the world's most revered luxury sedan. this is a history of over 50,000 crash-tested cars... this is the world record for longevity and endurance. and one of the most technologically advanced automobiles on the planet. this is the 9th generation e-class. this is mercedes-benz. >>> make no mistake. the status quo on health care is not an option for the united states of america. it's threatening financial stability of families, of businesses and of government. it's unsustainable, and it has to change. >> congress moved forward this week on legislation to reform the american health care system and cover some of the 50 million people who are currently uninsured. the scope of the proposed chang

turning to help sort out what happened, what's likely to happen, david kelly, chief market strategist. great to have you on the program. thanks for being with us. >> you're welcome. >> we're seeing a lot of companies beating earnings expectations particularly in the financial services sector. jpmorgan included. a lot of them doing so by cutting costs. not necessarily by revenue growth. should we be as optimistic as the market has been this week? >> well, yeah, i think the market does -- first of all, the market is still very, very low in terms of valuation measures. if you believe the economy's ever going to recover the market has to go a lot higher. also if you take a broad look at earnings we are seeing revenues beating expectations, and in fact rising a quarter of a quarter. if you look at the market overall. so i think companies with more exposure to the rest of the world, particularly companies with more exposure to east asia, are seeing revenue gains. overall i'm pleased with the earnings reports this week. >> based on what we have seen so far, where is the growth in this econom

joining us with the cnbc edge, david kelly, chief market strategist at jpmorgan funds. right? >> yes. and david hefty. >> in toledo, ohio. david always has a sunny outlook. >> two davids here. >> david kelly always has a sunny outlook. and you take the housing numbers as a good sign why? >> i don't always have a sunny outlook. i smile when i talk about the economy. i do think it's a good sign. if you look at single family housing starts up about 18% in the second quarter relative to the first quarter. there are still at low levels. the delta from a low level have nowhere to go but up. as housing begins to rebound, you will help stem the loss of construction jobs. you will help support prices. it's very important and positive that housing starts are up. >> don't we have a lot of unsold inventory? >> sure.. you have to think about the natural demographic. the population growth would absorb 1.6 million houses per year. we're only building about 600,000. we could actually push up housing starts and still gradually ease away that inventory of unsold homes. >> mr. hefty, you don't bu

david. >>> kelly o'donnell on capitol hill, tonight. kelly, thanks. >>> because nobody knows how long the cash for clunkers will last, the rush to cash in is on and some dealerships are overwhelmed by buyers who want to trade in and trade up. nbc's chris jansing in los angeles at largest ford dealership in the world with more on that. chris. >> reporter: thank you very much, david. behind me are some of the 150 cars already turned in here at gelpman ford, an indication of how successful the program has been. but it has also been chaotic with dealers and customers wondering how long until the money runs out. sharon bellio was back at the gelpman ford today after a long night last night. >> it was a madhouse. it was crazy. >> thank you for holding. >> reporter: phone lines have been jammed with customers. >> thank you for calling gelpman motors. >> reporter: nervous customers anxious to buy cars before the money runs out. >> last night was a big night with the confusion if the program was on or off. we did over 30 vehicles last night and

this is a tough process, tamron and david. >> kelly, you mention all the hardships of sitting there, this grueling back and forth, and she has a broken ankle. that can't be pleasant. that can't be a good time. thank you very much. nbc's kelly o'donnell. thanks again. we're going to continue to monitor what's going on on capitol hill, but now more politics and, david, it's the growing controversy involving former vp dick cheney, the cia, and a secret plan to use hit squads to kill al qaeda leaders. >> tamron, the reason we're starting here is because this is becoming a very, very big deal. the house intelligence committee is now preparing to launch a full-scale investigation into charges that cheney ordered the cia to conceal the program from congress, which would be against the law. in recent weeks the former vice president has been nothing less than eager to speak out against bush era anti-terror tactics. >> i am often asked my views on administration policies and i am happy to give them. if i don't speak out, then where do we find ourself, bob? then the critics have free run and the

let's bring in nbc's kelly o'donnell is with us from capitol hill, as well as david with "the new york times." kelly, let me start with you. i know you ran into the senator last night. he was in good spirits. what are you hearing about how this may affect his schedule? >> well, as he described it, it will be a light schedule and perhaps he is fortunate in that that real heavy lifting of the committee, that work was finished and we know that he knew throughout that very tense and exhaustive process on what they call the health committee, the bill that does include the version includes the public option, that he knew all along he had this. so now, he's got a chance to catch his breath, have the surgery done, to work from home. what's also interesting about his re-election issue, you may recall senator edward kennedy taped a commercial for him. so now, you'll have these two mens who have been friends seemingly forever, facing different kinds of cancer, but it does add a human quality. when you have chris dodd trying for his sixth term in the senate, he was a member of the house before tha

floyd flake, also david remnick and raina kelly. i'm glad to have you all here to learn about the teachable moment on this and reflect on the huge amount of attention in the last couple days. i begin with you floyd flake. tell me, what should we learn from this? >> i think what we learned is that there are still some remnants of the past and that those remnants are reflective in moments like these because persons my age, 64, somewhere around my age, the experiences of our past are so deeply imbedded that when an incident like this happens, it comes back up. it becomes another time when you say we thought we were past this and here it is again. and if it can happen to dr. gates, then it can happen to me. it can happen to my children. and so it becomes another one of those moments of fear. i think the big problem here is the identification and the way that the neighbors saw the person trying to get into his own house. i think that's the beginning of it all. and i don't know that if that had been a white person trying to get into that

. >> you know, david, i hate that term cautiously optimistic. >> so do i. >> kelly: bottom line, people hopeful what is going to happen with their money and to avoid foreclosure. what's the bottom line here? when do we see a trend in housing? when will the prices come back so that people can feel secure about investing in one of the largest investments they'll ever make? >> it's really simple. when supply comes sufficiently down. and until that happens, as a matter of fact, the rise in home construction if any increases the supply, that's not going to help pricing. it's going to be some time. i can't tell you when. it's not immediate, perhaps a year, certainly, certainly at least a year out. that would be the best i could hope for. >> kelly: david, a the lot of people-- >> i've said this before we have a mentality in america, a lot of people want it right now. it took a while to get into this mess, it will take a while to get out. david, thank you for joining us. >> thank you. >> kelly: jamie. >> jamie: kelly, truly a horrible crime on the high seas. take a look at a picture of school t

. >> charlie: joining meis a former cgressman and pats ter the reveren d floyd fla, so david remnick d raina kelly. i' glad to have y all here to learn abouthe teachable moment on thiand reflect on the huge amount of attentiointhe last couple days. begin with u fyd flake. tell me, what suld we learn fromhis? >> i tnk what wlearned is that there are still some remnants of the past and that those remnants are reflective in monts like theseecause persons my age 64, somewhere around my age, the experienc of our pt are so deep imbedded that when an incident like is happens, it comes back up. it becomes anotherime when you say we thought we were pt this d here it is again. and if it c happen to drgates, then it can happeto me. can hpen toy children. and so itbecomes another one of those momentof fear. i thk the big problem here is the identificati and the way that t neighbors saw the personrying to get into his owhouse. i thi that's the beginning of it all. and i don't kw that if tt d been a white person trying to get into that house, there would have been a call to the police departmen i the first plac

david laughman. now serves as partner with kelly, dries, white collar crime and litigation practice group. he served an assistant u.s. attorney for the eastern district of virginia where he specialized in prosecutes terrorism, espionage and other national security cases in 2005 served as the lead trial council in the government's successful prosecution of ahmad omar abah ali known as virginia jihad case. this case involved an american citizen who was convicted of providing material support and resources to al qaeda conspiring to assassinate the president of the united states, conspiring to hijack and destroy aircraft and other charges. he was just recently, i think yesterday, sentenced to life imprisonment. our second witness is deborah pearlstein. she joined the woodrow wilson school for public and international affairs at princeton university in 2007 as an assistant research scholar in the law and public affairs program. from 2003 to 2006, she served as the founding director of law and security programs at human rights first where she led the organization's efforts in research litigation

sean kelly of our boston station reports. >> reporter: david ortiz's name is on a list of players whotive for performance enhancing substances in 2003. >> he's a cheater. he's one of the cheaters i love the most and we all do as red sox fans. he's our cheater. >> reporter: at big papi's new restaurant, it gave only a few fans a bitter taste. >> ja, i am a little bit uneasy about that. >> i don't think he's done anything. i think he's a gentleman and he wouldn't do that. >> reporter: plus he gave fans reassurance during spring training that he's always been clean. >> i know that i'm going to miss respect my family, the game, the fans and everybody and i don't want to be facing that situation. >> reporter: but here he is on the same list as alex rodriguez, not that red sox nation would put the two in the same category. >> i've never seen a-rod in boston children's or new york's children's hospital serving the little kids when they're sick. ortiz goes there. >> i was a little upset to hear about it. he's such a role model to so many people. he's always set such a good example to all the

kelly wanted to see if anyone shared her name. the long distance relationship blossomed. they will marry in october. >>> coming up next on the late show with david letterman, actress katherine heigl, for bob and mark, i'm denise koch. see you tomorrow.

kelly and fountain store and book tv. i really appreciate it. [applause] >> david taylor is the author of ginseng and success. his writers have appeared in different publications. visit david a. taylor.com. >> this summer, book tv is asking, what are you reading? >> what are you reading this summer? >> well, elmore leonard has a new novel out, and george pelicanos has a new novel out. i'm listening on recorded books driving over here, and will listen going back to the history of jack sony in america, called the awakening giant. >> there are predictions that books might go the way of news and that is all digital. >> well, the kindles are out there. i like a great book in my hand, but i'm old-fashioned. >> to see more summer reading lists and other program information, visit our web site at book tv.org. >> the 2009 book expo america, booksellers convention in new york city. we're here with johnny temp from brooklyn, new york. tell us what you have coming out. >> this fall, one of the books we're most excited bat is a graphic novel by the great filmmaker melvin van peoples. it inspired a new film that is premier

david, we are so honored to be with this crowd today. i'm telling you, kellyhe most amazing fans in the world. and good morning, america. you may be dry, wherever you are. this crowd is soaking wet from the rain that has been here. now, the rain pulls away. this may be the last bit here. let's tell you what to expect as you walk out your door this morning. there are some hot spot where's the thunderstorms will deliver big rainfall totals. i want to show you pictures of the thunderstorms around the memphis, tennessee yesterday. look at this video, where the sparks are coming off the power lines as they come down. this is the kind of storm you're going to see in the northern plains today, and also in the mid-atlantic. later this afternoon, when the strong storms fire up, you need to get in and get out of the way. that's anywhere from new york all the way to washington, d.c. later this afternoon. i wouldn't be surprised if providence lights up with stms, as well. the rainfall totals will be greater than two inches from those storms today. it is still hot out west

kelly o'donnell covers congress and the battle for health care for "nbc news." and clarence page works for the "chicago tribune" and cath leek parker works for the "washington post." and david brooks works for the norgets. you know how sometimes you can see a turning point in front of you. this is what happens now. barack obama confronts resistance as congress gets down to the birth pain of his biggest prize, health care. the daunting project that is worrying people. the auto industry and the national debt, by some estimates has reached 30% the size of our economy. plus the federal deficit could top 2trillion dollars this year and then the $1 trillion that conservative estimates that health care well cost. he says nothing will stop him. >> i love the people that got us in this mess and said it is obama's economy. that's fine. give it to me. my job is to solve problems and not stand on the sidelines and harp and gripe. >> he's taken ownership, is he going to be the commanding force on the fight on health care? >> i wish. they made progress out there they a husband bill and senate bill moving forward. they're scaring the moderates let alone the republicans. the house bill cal