hubbard and co-author peter navarro offer a blueprint in a new book, "seeds of destruction." earlier today, i sat down with hubbard and asked him what's the most important first step. >> one, admit what our problems are. they're really long-term problems that have affected american incomes now for more than a decade. second is to focus on economic growth and to stop public policies that are hurting business people and workers' ability to carry out growth. >> susie: the subtitle of your book is how to reclaim american prosperity. tax cuts for businesses and individuals are crucial. can we really afford to do that right now? >> i think we can. the book says we have to ask a bigger questn first. we've got to ask how big we want government to be. what we want governmented to do. it's true if we want a government as big as the one the present administration is suggesting we're going to have to raise taxes on everybody not just the rich but everybody. but there is a path for entitlement reform, for discretionary spending reform where taxes can be lowered but we have to ask that gov

i'm jeremy hubbard for "nightline." >> wow, what a magnificent spot.urney to shark eden" airs this friday on the national geographic channel. thanks to jer hi hubbard for that report. >>> and coming up, a spot of tea -- partying. ♪ ♪ [ male announcer ] every business day, bank of america lends billions of dollars, to individuals, institutions, schools, organizations and businesses. ♪ working to set opportunity in motion. bank of america. four years ago, bob ehrlich got fired as governor of maryland. working to set opportunity in motion. for good reason. first, he protected tax loopholes for giant cable cable companies. then, he let utilities jack up our rates 72%. and for the last four years, he worked as a hired gun for big corporations, even a bank that took billions from a taxpayer funded bailout. ehrlich sides with corporate executives again and again and again tell bob ehrlich big banks and billionares don't need help. >> announcer: "nightline" continues from new york city with bill weir. >> like any successful party, it has everyone talking. what

i'm jeremy hubbard for "nightline." >> wow, what a magnificent spot.urney to shark eden" airs this friday on the national geographic channel. thanks to jer hi hubbard for that report. >>> and coming up, a spot of tea -- partying. çççççççççççççççççççççççççççççççç ♪ ♪ [ male announcer ] every business day, bank of america lends billions of dollars, to individuals, institutions, schools, organizations and businesses. ♪ working to set opportunity in motion. bank of america. when you can have pillsbury grands! flaky layers biscuits? the warm, light delicate layers are like nothing else. add a layer of excitement to your next meal. ♪ to bring the family together on sunday mornings than with thwarmth and aroma of freshly baked pillsbury cinnamon rolls. [ wink! ] [ wink! ] ♪ >> announcer: "nightline" continues from new york city with bill weir. >> like any successful party, it has everyone talking. what seemed like a fad at the beginning has become a powerful national movement capable of upsetting conventional wisdom. but how did it really get started? as we b

thanks to jeremy hubbard for that. when we come back, the latest on hurricane earl.irst, jimmy kimmel with what's coming up next. >> jimmy: tonight, hayden christensen, criss angel, ozzy osbourne, the obama hole in one, and tila tequila, attacked by clowns. jk jk is next. ♪ ♪ yes! ♪ oh my gosh, are those the jeans from last year? how'd you do it? ting right...whole grain. [ female announcer ] people who eat more whole grain tend to have healthier body weights. multigrain cheerios has five whole grains and 110 lightly sweetened calories. more grains. less you! multigrain cheerios.

thanks to jeremy hubbard for that report on silly bandz.back, lady gaga takes on congress. that's tonight's "closing argument." first, here's jimmy. >> tonight from "courar town," courteney cox. from "dancing with the stars," judge bruno. and jake byrd at the par [ male announcer ] nature is unique... ...authentic... ...pure... and also delicious. ♪ like nature valley. granola bars made with crunchy oats and pure honey. because natural is not only good, it also tastes good. nature valley -- 100% natural. 100% delicious.

thanks to jeremy hubbard for that report on silly bandz.back, lady gaga takes on congress. that's tonight's "closing argument." first, here's jimmy. >> tonight from "courar town," courteney cox. from "dancing with the stars," judge bruno. and jake byrd at the paris hilton sentencing in vegas. tax on everything you buy? that's in andy harris' unfair tax plan. 23% sales tax. a 23% sales tax will cut my business in half. would be devastating. andy harris' 23% sales tax absolutely makes no sense.

thanks to jeremy hubbard for that report on silly bandz.back, lady gaga takes on congress. that's tonight's "closing argument." first, here's jimmy. >> tonight from "courar town," courteney cox. from "dancing with the stars," judge bruno. and jake byrd at the paris hilton sentencing in vegas. ♪ [ female announcer ] yoplait's real fruit and the goodness of dairy... gives you a little slice of happy. and happiness comes in 25 delicious flavors. explore them all. yoplait. it is so good. now the yoplait you love in a new four pack. try it today. does it feel like home, day yet? in our new house! we'll take care of that. ♪ feels like home [ dad ] good morning.

here's jeremy hubbard. >> reporter: 100 volunteers from as far as connecticut and cape cod joined therch this weekend, helping police and the fbi comb a 25 square mile area. scuba divers checked a nearby quarry. still no sign of the missing grandma. >> anybody who has information relative to the case that can be helpful, please come forward. >> reporter: the mystery began last weekend when a friend came to pick up pat o'haggan for a rug-hooking meeting. her car still in the driveway. >> there's no reason to believe that she's wandered off on her own. >> reporter: the family says pat isn't forgetful. >> she doesn't have a boyfriend, and isn't wealthy so there's no financial motive for her abduction. in fact, they've been racking their brain trying to think of anyone who doesn't like her. >> we've been looking but we can't find anybody. >> reporter: in sheffield, a quiet vermont town of 700, missing persons signs are posted. while owe hagan's children cling to memories of an active senior who cherished her family. >> it's very important to us. >> reporter: police have now spent days con

hubbard. >> thank you. >> ifill: so why should the tax cuts be preserved? >> i think there's an excellent argument for preserving the tax cuts for at least two years until we're ready to have a serious conversation about the size of government. the truth is, if we want the government that we presently have, we're going to have to raise taxes massive other not just the bush tax cuts but many tax increases. if we want a smaller government, we can keep them. >> ifill: let's talk about the decision. obviously there's not going to be a big discussion about the size of government between now and december but we do know there is going to be a discussion whether the tax cuts, as they exist, would hobble growth, whether taking them away would hinder growth. what is your opinion on that? >> i think there is no question removing the tax cuts, any or all of them in the next couple of years, would impede the recovery, and i think prudence would suggest keeping them there again until we're ready to have that discussion about our government and how we want to pay for it.

jeremy hubbard, abc news, west orange, new jersey. >> end of an era

jeremy hubbard, abc news. >>> that's "world news" for this sunday. i'm dan harris.awyer is back here for tomorrow night. for all of us at abc news, thanks for watching and good night. >> alan: an east bay neighborhood evacuate after officers find pipe bombs and bombmaking material inside a home. good evening everyone. danville police were taking no chances today. >> carolyn: when officers discovered the pipe bombs, they got neighbors out of their homes and called in the bomb squad. >> reporter: the people who live in this danville neighborhood are back in their homes after several of them were told to leave for their own safety. the pipe bombs were found inside this home on amigo road. police were first alerted to the house after reports of a verbal disturbance. officers learned the argument was over one of the residents possessing several pipe bombs, eric dennis was in possession of

i spoke to republican economist glenn hubbard earlier this week. tonight, we turn to robert reich, the former labor secretary in the clinton administration, and now a professor of public policy at u.c. berkeley. he also has a new book out, "aftershock: the next economy and america's future." our washington bureau chief darren gersh spoke with reich, and began by asking him what the first step should be to get our economy back on track. >> well, i do think that some more although the word can't be used any longer in play, company, stimulus is necessary. there is still a huge gap between the productive potential of the economy and really the demand that's out there from consumers who are being rocked by indebtedness and fear and loss of job and they are underwater or whatever have you. in the longer term, though, we have a structural problem. it's not just a cyclical problem. and that is that american consumers comprising 70% of the economy don't have the purchasing power they need to sustain the economy over the longer-term. >> one of the solutions

jeremy hubbard joins the teen and her mom, for a day on the town. ♪ sweet lovely ♪ ♪ lady be good ♪ ♪he name ella fitzgerald to a teen, you'll get a blank stare. billie hollholliday they'll ask, who is he? but nikki not only knows the jazz great ss, she might be one of them. ♪ who can ask for anything more ♪ >> reporter: a tv audience of 3 billion people watched her sing at the opening ceremony of the olympics. ♪ o canada ♪ >> reporter: she had a number one song in her home country of canada. ♪ i believe in the power that comes ♪ >> reporter: with a voice that would leave simon cowell speechless. >> i don't consider myself to be a big deal. i'm just nikki, you know? >> reporter: we spent a day on the town with the 16-year-old and her mom. and, at every turn she found musical inspiration beyond her years. >> billie holliday is playing. >> reporter: you have an ear for it? >> it's disticket. it's like leal, you hear it once and you know it's her. and her time is so good. nobody has time like that. >> reporter: this ability came early to nikki. she's been singinging since age 11. then, a

jeremy hubbard, abc news, new york. >> it is amazing, too, how lives can cross.ime. >> it's a beautiful gift, to see that. and to see they're living in the moment and taking every minute. >> yes. >> that's great. >>> that's what's making

jeremy hubbard, abc news, new york. >> and if he reaches 61, and we hope he does, both say it'll be they gift he's ever had. i'm david muir. that is "world news" for this monday night. diane sawyer is right back here in the chair tomorrow night. good night. >>> tonight at 6:00... a man infamous for climbing skyscrapers scales san francisco high rise and is promptly arrested. >> the race for governor heats up today. candidate jerry brown releases a television ad and tries to drum up union support. >> also, something new for sports fans. the first game of its kind broadcast in 3 d and a northern california farm doing booming business as tourist attractions. >> good evening, an incredible thing to watch in san francisco this afternoon aichl man scaling a 60 story skyscraper. >> took about three hours. police arrested him at the top of the tower, don sanchez watched from the street below. don is live from mission and fremont with the story. don? >> the street reopened now. the block was closed down. a draw matic climb by the man known as spider dan. dan goodwin, also the skyscraper man is w

jeremy hubbard, abc news, new york. >> you don't believe in miracles after that?e. some people would be upset. you walked out on me x number of years ago. but she said, you know w

jeremy hubbard, abc news, west orange, new jersey. >> hope those bulbs last awhile. >> it would be scarynly went out. >> it would be scary if they suddenly went out. darkness. ♪ [male announcer] to the men and women of the united states armed forces, the uso delivers the joys and comforts of home. even out here. find out how you can help at uso.org

jeremy hubbard has the latest. >> reporter: a hundred volunteers from as far as connecticut and capehe search this weekend helping police and the fbi comb a 25-square-mile area. scuba divers even checked a nearby quarry but still no sign of the missing grandma. >> anybody who has information relative to the case that can be helpful, to please come forward. >> reporter: the mystery began last weekend when a friend came to pick up pat o'hagan for a rug hooking meeting. o'hagan was nowhere to be found, her car still in the driveway. >> there is no reason to believe that she's wandered off on her own. >> reporter: the family says pat isn't forgetful. she doesn't have a boyfriend and isn't wealthy, so there's no financial motive. they're wracking their brain to think of anyone who doesn't like her. >> we're looking but can't find anybody. >> reporter: in sheffield, a quiet vermont town of just 700, missing person signs are now posted while o'hagan's children cling to memories of an active senior who cherished her family. >> probably the time she spent with my children. her grandchildren w

for "good morning america," jeremy hubbard, abc news, new york.her horrific acid attack >> and if they want steven tyler, they have to lay out the bread. >> and j. lo. talk about star power. elton john. steven perry. a lot of star power there. >> like weekend "gma >>> another horrific acid attack leaves a woman severely burned. was it a copycat crime? we'll talk to an expert. >>> coming up, we've been talkinbout the with chase freedom you can get a total of 5% cash back. fun money from freedom. that's 5% cash back in quarterly categories and an unlimited 1% cash back everywhere else. and this too. does your card do this? i'm going to need a supervisor over here at gate 4. sign up for this quarter's bonus today. chase what matters. go to chase.com/freedom. when allergies make them itch, don't wait for your pills to kick in. choose alaway, from the eye health experts at bausch & lomb. it works in minutes and up to 12 hours. bausch & lomb alaway. because it's not just your allergies, it's your eyes. but viva puts 35% more towel between you and the me

jeremy hubbard is on the story. >> reporter: joran van der sloot's angry attorney is now sounding offbout the surprise confrontation. he is convinced dutch tv paid off a top prison official to get beth holloway-twitty inside for the on-camera confrontation. >> i think joran van der sloot was shocked when he saw her. she was in a room. he was brought into that room. she demanded, in a sense, that she wanted to see him. >> reporter: she reportedly asked van der sloot about natalee holloway's disappearance. he refused to answer. she left. the incident comes days after a dutch tv interview from inside that prison, aired on nbc's "dateline," in which van der sloot seems to blame the holloway case for making his life miserable. >> so many things have happened because of that case. people bothering me, lying to me, you name it, anything else. i have a lot of anger because of that also. >> reporter: earlier this month, van der sloot admitted to a dutch newspaper, he tried to extort $250,000 from natalee's mom, in exchange for the location of natalee's remains. i wanted to get back at natalee'

here's jeremy hubbard. >> reporter: the bright idea that illuminated the world is reaching a less thanend. this week, ge is shuttering this plant in winchester, virginia, its last u.s. factory producing plain incandescent lightbulbs. forcing millions to switch to compact fluorescents. most of which are made overseas. >> this is edison's private experimental room at the laboratory. he was working on ways improving the electrical lamp. >> reporter: the great inventor would be torn about the change. >> on the one hand, he would have been disappointed. on the other hand, edison was somebody who was looking forward. one thing that he was very interested in, was there more efficient ways to generate electricity? he would have seen that as the future. >> reporter: the incandescent, nor tors you for getting by on few hours sleep, he wanted to transformed the world into a 24-hour culture by lighting up the night. >> the light bulb going off over your head, that's representing edison and his accomplishment. >> reporter: but it's e inefficient. they use 75% less energy. even those could be soon o

we'll ask glenn hubbard, dean of columbia university's graduate school of business. >> suzanne: the merger of continental and united airlines was cleared for takeoff today by shareholders of both companies. it was the last major hurdle for the $3 billion deal to create the world's largest airline. the merged company will be known as united airlines and run by continental c.e.o. jeff smisek. he hinted at possible layoffs today, saying there are overlapping jobs. but, he didn't give any details. the deal is expected to close by october first. >> tom: the number of failed u.s. banks now stands at 120 this year, after regulators took over five banks this afternoon. euu@@@ stocks have been creeping higher this month, and tonight's "market monitor" says get ready for a new rally. she's elaine garzarelli, president of garzarelli capital. she joins us from philadelphia. >> nice to be here, thank you. >> tom: in february, you were saying the winter swoon was over, and we did see prices climb through april, and since then we've seen some volatility. what makes you think higher stock prices are comin

we heard it from glenn hubbard, we hear it from republicans, we hear it from even a few democrats, that this is the wrong time to let any of these tax cuts laps. >> okay, well, i think, let me distinguish here ideal policy from a compromise policy. my ideal policy would be to allow the top two brackets to expire at the end of this year, to move off of the bush tax cuts for the top two to three percent of the american population. to take the result aring additional tax revenue which is probably on the order of $35 to 40 billion dollars next year, and to take that money and spend it on job job-- job-creating programs. the congressional budget office itself has done an analysis of 11 different programs, ways you could stimulate job growth. retaining the bush tax cuts for the top two percent is number 11 on the list in terms of effectiveness. it's not as effective as giving grants to state and local governments. it's not as effective as unemployment compensation. it's not as effective as a temporary payroll tax reduction targeted at employment. or spending on infrastructure. so by all means