an institutionalnvestors group led by twoormer heads of the securities and exchae commission says at won't work. they say the central bank shld not get the job ofreventing systemic risk in the fincial stem. thatask is the centerpiece of the president's plano restructe how banks and other firms are regulad to prevent another financiacollapse. >> susie: arthur levitt d wiiam donaldson's criticism of thfed was blunt. their report compid by the investors' working group sai instead, they are recommding the creation of an iependent oversight board to monor risk manament. th so-called "systemic risk oversight board"ould be appoted by the president and approv by congress with no affiliation to governmen agenci. the task forces also recommending hedgeunds and private equity firms brequired to rister with the s.e.c. and be subject to oversit. over the couer derivatives, like cdit default swaps, should trade on regulated exchanges and be subject to stct government regulation. and congress suld create a new agency to regulate consumer financial products including mortges. >> susie: i sat down wi

despite thworst bear market for stocks in dedes, investors are pouring money into exchae traded fun or e.t.f.s. there are now 800 e.t.fsisted on u.sexchanges more than five mes the number just five years ago. what's behind the boom suzanne att takes a look. >> reporter: fm sugar to wind energy to gasoline pces and luxu items-- you namit-- it ses there's an e.t.f. for almost anything that's rht, there's one for the gaming industry, t. exchange traded funds, or e.t.f.s, are a baskeof securities that uslly mirror an ind, from well-known benchmarks to obscure meases. many are first couns to regulaindex mutual funds. but, lately investors have been hungry for e.t.f.s mtly because of their transparey, tax efficiencynd cheap price. they can also be bght or sold atnytime, a clear benefit in the rent bear market. strategic insight has been keeping tabs oe.t.f.s for more than a decade and co-fouer avi nachmany crets mass appeal for the rapid growth . >> they satisfy a ve wide range of audnces, institutional investors, hge funds, financial advisors, mutual funds that acally invest a porti of thei

listen to one of the exchaes when he captures him one time in the movie. >> you act like a confidentan. you have a few qualities probably pretty good from a distance, especially when you get out nunumbered but up close toe to toe when somebody's about to die right here right now, i'm used to that. >> i have to admit i don't like christian bale. i haven't liked him for a while. >> fan frenzy. the hundreds of thousands of people expected in l.a. tomorrow for michael jackson's memorial. the few tickets available and how police are preparing. >> then palin puzzle. how the governor of alaska's sudden resignation confounded republican leaders. >> it's one of the most politically tone deaf decisions that we've seen. >> what is her next political move? >> and signing off. radio star casie kasem's unexpected decision. >> keep your feet on the ground and keep reaching for the stars. >> the end of an era. it's monday, july 6th. >> announcer: from abc news, this is "world news now." >> surprising news over the weekend. sort of a last-minute decision sounds like. casie kasem off the radio. >> i f

but the securitieses and exchae commmmission i tryinto stop anyone except licensed brokers fr doing this. george lewisis, nbc ne, los angeges. >>>undredof psengers are planning to lelee phoenix for loon. their r ip was canced on friday when smsme srted filling up theabin of thth british airways jet monts ter it push add way om the departure gate at penix sky harbor internatnal. we arere awaiting an official cae by authorities suspect it was an electctcal problem. 300 passssgers a crew evacuateusing theescape slides. >>>>> aribute to the king of 307 in h hohotown. ousands of peoplele gathered friday night in ry, indiaiana, to honor michaelelackson the tribute featured performances his mo memerable ngs and r remark from jesse jacksonnd michael' fathereroe jackson. meanwhwhile thismorning, new developmentsts in th ininvestigatn into michael jackson's s deth. and fo that l's go livee to nbc's gina kim. i undetand there's a n new devevelopment w in the cstody hearing fofor jackson'ss thr children b becauset's been pushed bk. >> thas right, alex. let's art with that.. it has beeen postptped f

exposure andhey're still going ú to trade but they're going to bú beyond the reach o ú well-regulated exchaesbeyond theeach of the cftc and the u.s. government. and i think thas the biggest ú concern,hich ithat we don actuallychieve anything, in fact we furthe exacerbate the problem by pushing more of this activity into markets where we really can't regulate it. >> craig, i look at the front page of the "wall street journal" today, and it says "speculators," in quotes, "oil speculators under fire." you know, it it feels to me like there's the beginning of a witch hunt out there right now. ú does that worry you? ú and do it feel that way, or am ú i overreacting? >> well, i think that people have goo intentions, obviously. i ould say that we certainly are going to wor very ú collaboratively, as weays ú dowithovernment and with ú regulators. i thk this is aase of education and areness building an looking at the facts, looking athe data, looking at the maoeconomic factors and currency factors that e drivingrices in these markets. and i'm confide that as we go through that process a people are ope

i continue in e-ml exchae betwn you and me. he administration is just a nearly impossibl situation. growth as i argued in that piece is goi to be distinctl subnmal for 2010 and 2011. at the same time,he ficit outlook will emerge as much worse. at one level, you can withdraw stimulus,i.e., pursue deficit reduction, when the onomy is soeak. t at another, t publ and financiamarkets will be rebelled erne trillio dollar deficits as faas the eye can see. this wl be gets brg r obama. hofully he's in a blue unirm but who knows?" stng language. a huge problem. it is. it's the most serious and fascinatg fiscal policy challenge i' ever seennd it's been 41 yea since i stted in finance and iserved twe in the treasury, which s great privilege, and i've never seen a challenge ke th. because, as you ju said, at one level the economy's going to be extraordinarily weak and imulus is necessary. indeed, thergument in theast w days has been "do we need a second stimus?" but at anothe level, as the deficits emerge-- and they haven't reallyunk in on main street yet, but as they emerge and people see h lar

t first one the exchae we had this mrning regardng the decision in ricci where you insisted thatou are boundby supme court d second circuit precedent. iuoted from the preme court decision to the effect that i believe th that contradicted your anwer. if you have anything fferent to s than what you said this morningi wante to give you anotr opportunity to say it. we don't needto replow the sa grnd. is there athing different you would like to offeron that? >> senator, after each round i go to theext moment without actually looking at he transcript i couldn't answer that question. it's jst impossib to right now. i am glad you are ging me the opportuni, but i wouldeed a pecific question as to something said and what i meant before i could respond. >> all righ since will probably have a few qstions as foll-up in writing and you will be providing us answers tothose, maybe the be thing is just to ask general questi. or if there is something specificthat i can relate i to and then you c respond in that way. >> than you, sir. >> you're very welcome. now theecond question has t do with the second

won be ble to buy policy on his own, they would have to g through a government-n health insurance exchae. >> i havehe highestregard for mr. boehner as republican ader. what he's saying isot true. and i regret have that toay tha mostly everytng that the repuicans have said about th planas not been true. those are the talking points th health iurance industry in america at's gotten u where we are today with upard spiraling cost with people who need more stabity and rtainty about their heah insurance and their good health. the health insunce industry message is t message. the only sbi they will be healthi with the republican prosal is the health insurance dustry. >> woodruffwhat about, madam speakr, what you see with increasg concerns on the part of the public that showsp in the polls, people just worried more and more th the cost of healtcare for them is going to go up under yur plan. what do y say to team? >> it's very imptant. if u see the pollin the "wall street journal" this morng, it was something ke when they hear about people t plan people are 40% something opposed 32% in favor. whe

in exchae depends on how you structure different legislation. the federal government would be paying subsidies that would not take the value up to 98%. it will be a little lower. that provides some offsetting savings in the exchange. more is paid to providers, but generosity of the support for the package is less. there is also the case that it can be state federal issues. states could be paying something amok -- and medicaid be now. there are a number of features that are at work. moving from medicaid and into an exchange tends to raise the cost to the federal government. >> thank you. >> one clarification on this subject. when you talked to doug about the 10-year window that to projected for senator gregg's request, is that window 10 actual years after implementation of the bill or is that year 2009-2019, with only have a score for 6.5 years? >> what we mean is the 10-year budget window from 2010-2020. >> it was not acted into 2013, the date you gave, you only have seven years of cost figured in at 5 under billion dollars? >> that is right. in

susan lisovicz joins us live from the new york stock excha e exchange. hello, susan. >> hi, natasha. i guess it's not surprising it's giving some back. even more surprising for the nasdaq, today would be lucky 13. something we haven't seen since 1992, we are seeing give-backs impacted undoubtedly by some weak corporate earnings. microsoft, its quarterly profit dropped nearly 30%. it focuses on the company's sales. microsoft shares are down 7.25%. that's weighing on the nasdaq. meanwhile, american express said its quarterly profits were cut in half, largely because the credit card company paid its bailout money and a big drop in consumer spending. >>> some of you will have a bit more in your paycheck. the federal minimum wage rises for the third year in a row. the u.s. minimum wage goes to $7.25 an hour from $6.55. most states have their own minimum wage, and the state is required to pay whatever is higher. that means minimum wage workers will get a raise in 29 states. it's another form of stimulus. >> a lot of people excited that their paychecks will be