any airstrikes any time soon until workers and their labor strike we'll tell you why workers at lockheed martin are telling the government that they've got to pay to play. plus in the race to cure the global economy each country thinks they have the perfect prescription to get ready for a dose of reality because it seems that neither are sturdy nor and the bailouts are the best remedy will tell you why. it's tuesday may first five pm in washington d.c. i'm abby martin you're watching our team no work no school no shopping no banking it's may day and today marks the first nationwide strike in u.s. history it's a day to remember and it's been long dormant the u.s. but celebrated internationally since an eight hundred eighty nine now the occupy wall street movement has resurrected the workers holiday calling the day without the ninety nine percent. but made it actually originated here in america and the one thousand century unregulated capitalism ran amok workers are being paid very little and working ten to twelve hour days a national for decades tens of thousands of workers took to the st

crt capital group has a sell rating with lockheed's price target at $72.rexel hamilton has aprice target of $60 over the next 12 months. >> and of course the stock today is down about .7%. but that's not even as much as the broader market. thanks very much for that. well, the economic recovery is weak and anemic, but things are getting better. that is the bottom line from the ceo of the world's biggest construction equipment maker, caterpillar. doug oberhomen was on "squawk box" this morning and he said he expects a record 2012 but is calling for a catalyst. >> the regulatory environment is a little tough. it's at this moment not all what we need to get the economy going and the catalyst that's we really are all after. i think with some of those things clearing up we could see growth coming back fairly well this year and into next. but we need some help and some catalysts. >> as for shares of cat they're down 14% over the last year but up about 4% year to date. well, mr. oberhelman, here is one catalyst for you. this is a man performing a dance with a cat

also potential business from lockheed and martin.how dependent are these other companies on government work? who has the most to lose? lockheed martin. prime contractor for the f-35 and other programs. according to standard and poors 99% of lockheed's revenues come from governments, plural. lockheed says 82% of all sales comes just from the u.s. government. 61% just from the pentagon. that's because lockheed and other defense contractors do a lot of i.t. work for various government agencies. all right. compare that 99% to 90% of all sales are government related for north rup and l3rks. 86% for raytheon. 37% for boeing. saic's sales are 100% government related. not sure that's a growth industry. usually is. not sure it is now. >> jeff kilburg how do you play a defense sector here? and is private space flight likely to be germane to these companies' fortunes. >> it's a great point jane brought up. lockheed has really been a growing, dynamic company. 100 years. i think as they continue to roll out products into unmanned drone space they

words by more ships or it's going to cost you now the next military sales superstar is good old lockheed martin ninety seven percent of their revenue comes from taxpayer money and they spent a whopping fifteen point one million and lobbying the government and of course lockheed c.e.o. trying to sway public opinion over defense cuts by declaring the cuts would result in massive layoffs and also don't forget about lockheed martin's defense industry doppelganger northrop grumman they get ninety percent of their sales from uncle sam and they spent twelve point seven million in lobbying and then finally there's l. three communications they focus on surveillance and navigation systems and ninety percent of their sales are to the government with three point seven. million dollars of revenue coming back to k. street now speaking of k. street those four companies at one point or another employed fifty seven former or future government employees so yeah it really is just one gigantic revolving door and it's not just the c.e.o.'s and the lobbyists who are sounding the sirens about price raises and

. >> reporter: in the promotional videos, complete with music, the manufacturer lockheed martin usesry trick in the book to make the f-22 look like $422 million well spent. >> i think it's going to change war fair completely. >> reporter: but the truth about the f-22 is much different. it's never been flown in a combat mission and it has a potentially fatal flaw in the oxygen system. captain jeff han yip was killed after he lost oxygen and his jet crashed in alaska. but the air force blamed him, not his $500 million aircraft. >> jeff was an awesome pilot. and an even better man. i am so proud to call him my brother. and he gave his life. he just deserves the truth. >> reporter: this computer simulation prepared by the air force shows what happened to haney. >> the beeps going on tell something is wrong with the airplane. four seconds after that coming up on the screen, he is no longer gets oxygen in his mask and he is probably getting the feeling he is suffocating. >> reporter: he was conscious throughout the dive and failed to make the right moves, says the air force. but gannyard f

holding a hearing on the role of government and energy innovation, one of the primary witnesses former lockheed martin ceo norman augustine. it should get under way in a moment. u.s. senate continuing debate on extending food and drug administration user fees that fund fda reviews of prescription drugs and medical devices. also creates a user fee for generic drugs and a national system to track prescription drugs. see the senate live on our companion network c-span2. the house taking memorial day rece recess. they return for legislative work next wednesday. of course you can see the house live on our companion network c-span. >>> while we wait for the hearing on the role of government and energy innovation to get under way, the press reporting that ryan crocker will be leaving his post as ambassador to afghanistan some time this summer and that is the word from an embassy spokesman. mr. crocker came out of retirement last july to take over the post after a request from president obama. it's unclear why he's leaving the post a year ahead of schedule or who will replace him. there have been persi

haney lost consciousness and crashed his f-22 into an alaskan mountainside in 2010, air force and lockheedneers have struggled to find the cause. the air force grounded the f-22 for four months last year, but since the raptors returned to flight in september, 11 pilots and five maintainers have complain -- complained of hypooxy restrictions. rebecca grant is the president of iz ris independent research which advises the air force, navy and other agencies and contractors, including f-22 maker lockheed martin. rebecca, welcome back. >> thank you, vago. nice to be here. >> why did secretary panetta do what he did, how unusual was his involvement in the program and when do we expect this all to be lifted? >> secretary panetta obviously wasn't satisfied with what he was saying. i think he has a big heart, he was concerned about the human element, what's really going on with the pilots who fly the f- 22, why are they standing up and saying that they're worried about being in this aircraft. and it's very unusual. i can't remember, vago, maybe you can, a time when we've seen either two pilots who

facebook boeing lockheed martin and symantec and the rising they also all said that they were in favor of this bill and guess what it is all about the benjamins the wording in system would serve as a protective shield for all these companies partially because it would be a voluntary agreement between the companies and the government but more importantly it actually protects them from lawsuits from americans who would want to protest the use of their information for anything being used for anything of the government wants so basically they're not going to lose any sleep or any money over cispa but despite the pro-business language in the current form of the bill a few tech firms might be having a change of heart facebook right the popular social networking site with over eight hundred million active users when they realize that they're not going to be on their users good side if they openly cheer for cispa said joe kaplan vice president of u.s. public policy for facebook he released a statement on the site talking about the positives of the bill but then he also went on to say the follo

witnesses include former lockheed martin ceo norman augustine. they recently published a report concluding the government has an integral role to play in the process. also at 10:00, over on c-span, the senate banking committee is holding a hearing on the derivatives market and the ongoing implementation of the dodd/frank law, a provision known as the volcker rule would limit trading by banks for their own accounts. jpmorgan recently announced a more than $2 billion trading loss. >>> congressman, there are people who look at what happened with jpmorgan and they say here is a company made a stupid decision, did something dumb, lost money, didn't collapse, fired people who were responsible. this is the market at work. this is how it's supposed to happen. why does the government need to play a role? >> well, to some extent that's true but i take credit for it. if this had happened five years ago, if jpmorgan, what appears to be more than $2 billion, i think you would have seen much more panic in the economy. i think you would have seen much more conc

lockheed martin and nasa are building orion the old-fashioned way, meaning the government pays for all the costs, and all the changes, plus a guaranteed fee to the contractor. the testing is exhaustive to what engineers call the corners of the flight envelope, meaning the absolute edge of a vehicles capability. >> you can rest assured that on a nasa-driven human space flight exploration program, we will test on all the corners. >> reporter: so it's... this is what cost-plus is all about, isn't it? doing ... when you have to do all this, right? >> exactly right. >> reporter: everyone agrees sending humans to space will never get cheaper if this remains the approach. but the old guard is leery of retooling. having a commercial player just build a rocket and you use it or not, like it or not, you don't see that as inherently more risky? >> so, i think it is inherently more risky. now, the question is, what risk tolerance are you willing to take? i don't think that question has been answered yet, and i think it's going to take a while, and it's going to be some trial and error, just like i

. >> our first panel is norman augustine, who is retired chair and ceo of lockheed martin corporationess before our committee many, many times in the past and we welcome him back and look toward to any comments that he has about the report and what he thinks the congress ought to do. go right ahead. >> there we go. thank you mr. chairman, members of the committee for this opportunity to share with you some thoughts on america's energy future. i'll be drawing, as was mentioned, on the work of the american energy innovation council that's an informal group of seven of us who came together because of ource

when you look at a boeing or a lockheed martin where they hire tens of thousands of people ryan -- which later became a major player in aviation -- they had 35 people. and 35 people was what it took, and it was remarkable that they did it. working almost around the clock. once the contracts were signed, the parts arrived. lindbergh showed up in san diego in february, and they started working. lindbergh at first was not particularly well liked on the floor because he was down there looking over the shoulders of donald hall, the designer, and over the shoulders of the workmen down there that are like, you know, go away. what do you know about this stuff? he was a stickler for detail, and he was pestering these people. but after a while they came to realize that he knew what he was talking about because of his experience flying the likes of this airmail plane, he knew some things about aircraft design even they didn't know. one thing he insisted on the aircraft, instead of having one solid steel fuel line, he had, he had the designers cut the fuel line every 18 inches and put in a little ru

for the lockheed martin company, and in a ceremony today the final of some 187 f-22's was turned over to the air force. >> we complete the 22's fifth generation, flight or fleet. >> reporter: but for now, the prominent use is to perform tricks in air shows, a $500 million stunt claim. the fleet was grounded last year for five months and they could not fix the oxygen problem. as you will see on "nightline," the air force says it has added safety features for a flean they are calling a turkey and a lemon. >> they are flying the air shows at a lower altitude. thank you. >>> we keep hearing about medicaid fraud in the country. well, today, the largest nationwide bust in medicare history. seven cities, 107 doctors, nurses and social workers were charged and the fbi said they scrammed taxpayers out of nearly half a billion dollars. billing for ambulance trips that never halved. and in baton rouge alone, the scams took in $225 million. >>> and today, the end of the road for a colorful presidential contender, newt gingrich. announcing he is ending his campaign what he calls a truly wild ride.

its lockheed martin. now, this is an election year and many say we should cut spending in science research, among other things, because government investment has never built anything lasting. some saying that are from silicon valley. that's kind of ironic. i'm eric schurenberg >> tom: speaking of silicon valley, most start ups there have a common goal: be the next break-out company. in tonight's "made in america," mike hegedus introduces us to three brothers who are on that path. millions already know their products, and their success is nothing to cough at. >> reporter: meet the brothers smith? nate, ben and tom. and if the smith brothers has a certain ring to it, well, it's because they are related to the other ones-of cough drop and elixir fame? but, what these smith brothers are known for are, video games- cordy, cordy sky, and sleepy jack-three of the most popular game apps in the digital universe, millions, multi- millions of downloads across all platforms. >> try to i have good experiences across a

. >>> well, the search for the embattled supervisor nadia lockheed's replacement now underway. starting to accept replacements for her job. she resigned last month after three months of turmoil. back in february she was assaulted by her boyfriend at a newark hotel, and then went on leave to go into rehab. she is married to bill lockheer. >>> right now, it's friday, you're wondering what's happening outside to get ready for the weekend. christina is here to tell us about it. >> we've got a great weekend shaping up, which is what you want to hear on the final day of the workweek. getting to the work this morning not going to be as easy as it could be with a little bit of drizzle out there. we've got thick, low clouds. i cranked up your radar all the way this morning. so as you can see, a little bit of substance on there. the temperatures are on the mild side. slated to hit the 70s again. light, spotty activity, mostly in the south bay. what we expect throughout the morning hours, we'll likely have to use the windshield wipers and you'll find split conditions out there. give yours

that will influence whether a number of the supporters of the treaty, senator kerry mentioned one, lockheed martin, who are interested in the rare earth minerals, can participate. because in the absence of setting the right rules and then being party to the treaty, it may or may not be advantageous to us, as it should be. we have a seat on that body and we are not filling it. so, we will really only have ourselves to hold responsible if the bodies that are now gearing up and working under this convention begin to make decisions that are not in our interest. and i think secretary panetta made a great comment. you know, we like to use our military power to promote our national security. we have a lot of economic interests at stake here that will be very hard for us to exercise even with the largest, most professional military in the world if we don't get in under the convention's rules. we have the chance, still, to shape those rules. >> normally on these international treaties and organizations, the u.s. participation is looked upon internationally with great importance because it adds to th

it including for he remember lockheed martin ceo. he leads the american energy innovation council which publish add a report concludes the government has a integral role to play in the process. senate banking committee holds a hearing to the derivative market and the dodd-frank law. regulators are formulating language on a provision known as the volcker rule. a.p. morgan recently a nounced a $2 billion trading loss. >> people look what happened with jpmorgan and say here's a company that made a stupid decision and did something dumb and lost money and fired the people that were responsible. this is the market at work. this is how it's supposed to happen. why does government need to play a role? >> to some extent that's true, and i take some credit for it. if this had happened five years ago, if jpmorgan had lost what appears to be more than $2 billion, you would have seen much more panic in the economy. you would have seen much more concern. what we did in the legislation we passed and through other things was to require the financia

just last week, bob stevens, the ceo of lockheed martin wrote to me, asking that we pass the treaty. he said, the multibillion dollar investments needed to establish an ocean based resource development business must be predicated on clear legal rights established and protected under the treaty based framework of the law of the sea convention, including the international seabed authority. other international players recognize this same reality and are acting upon it. countries, including china and russia, are moving forward aggressively within the treaty framework, and several of these countries currently hold exploration licenses from the international seabed authority. unfortunately, without ratifying the convention, the united states cannot sponsor claims with or shape the deep seabed rules of the isa. yet, that is the critical path forward that the united states intends to expand and insure access for both u.s. commercial and government interests to new sources of strategic mineral resources, and without objection, i will place the full letter into the record. i would point out to

. >> even though you're a lockheed adviser. >> i'm not a navy adviser. and everybody in the navy is supporting that ship. that ship isn't going anywhere. >> let me ask you about afghanistan now. since the last time we met, the president has said that the united states is going to stay until 2024. that's sends a message to america's allies that america isn't going to cut and run after this. however right it may be, that's going to be political tenable. >> i don't think anybody knows what's going to happen in 2024. predictions difficult, especially as what mark twain said about the future. my view on afghanistan is we'll be out of there in the middle of 2013 except for advisers and we'll save some advisers behind, do some training and quickly that program will not have support in the congress of the united states. >> there is some regrets on both sides of the aisle about the inability to reach an agreement in iraq and have some sort of long-term presence that was small and manageable, not the size of germany, as long as it budgettarily makes sense, i think

relying on millionaires and billionaires to create jobs isn't the way to save our economy move over lockheed and boeing big pharma has replaced the defense industry is the biggest criminal do fraud or in the united states coming up how we have the people to flick the switch and make corporations think twice about screwing us in the future and later many americans cringe at the thought of starting a day without a cup of coffee what new research tells us could make that cup of joe more than just a wake up tool. you need to know this europe is now drawing up plans for something that was unthinkable just a few months ago the departure of greece from the euro zone as greece prepares for elections next month which will likely give anti austerity party's control of the government putting further bailouts in jeopardy european nations are quietly drafting plans to mitigate the economic pain from a greek default and exit almost of the planning is on the hush for fear of leaks reuters is reporting that they have seen memos drawn up by euro zone member states outlining what each name. should consider do

the f-22 has meant huge profits for the lockheed martin company. in a ceremony today the final of some 187 f-22s was turned over to the air force. >> we complete the f-22 fifth generation, flight or fleet. >> reporter: but for now, the f-22's most prominent use seems to be to perform tricks in air shows, in effect, a $500 million stunt claim. the entire fleet was grounded last year for five months and they still could not fix the oxygen problem. as you will see on "nightline," the air force says it has added safety features for its pilots in a plane they are calling a turkey and a lemon. >> they are flying the air shows at a lower altitude. >> where they have plenty of oxygen. >> okay. thank you, brian. >>> when we turn to taxpayer dollars, we keep hearing about medicaid fraud in the country. well, today, the largest nationwide bust in medicare history. seven cities, from chicago to miami, houston to baton rouge, showing us how gigantic the problem is. 107 doctors, nurses and social workers were charged and the fbi said they scammed taxpayers out o

you could have easily gotten a job at boeing or at lockheed. but you came here. >> if you had a chance to go back in time and work with howard hughes when he was creating t.w.a., if you had a chance to be there at that moment when it was get in on the ground floor at the beginning of the dawn of a brand new era, wouldn't you want to do that? i mean, that's why i'm here. >> pelley: there are a half dozen private companies competing in a nasa program to develop a manned ship. space-x hopes today's docking puts them in the lead. how big a leap is it to take this dragon capsule and make it a manned spacecraft? >> it's not that big of a leap, to be honest with you. we have to... we need to make a big leap in safety. i am a big believer that this vehicle will be ten times safer than any spacecraft anybody's ever strapped into. >> pelley: 50 years from now when people look back at this moment in time in terms of space flight, what will they say about this era? >> what i'm hoping that they say is that this was the golden age of space. this was the poin

it used to be just lockheed. these companies started collapsing down into just a few. congress was were reached. what affect could this have on the aerospace industry of the nation? because aerospace was impossible for our military, airborne security, is responsible for transportation, commerce. they recognize there is a fundamental part of what it is to live in america in the 21st century and they want to get to the bottom of it. many of the aerospace company's not only make airplanes the spaceship's. so we have zero people on the commission and block the commission. i was counted as one of the space people. one of the trips that we took was around the world. this is 2,000 a half to the two dozen too, are around the world to keep places to find out, is there some competition that we are not living up to? what are they doing that we're not? we visited china. i went to beijing in 2002. my first time there are went there with the complete portfolio of stereotypes about what i would expect. boulevards of bicycles. this is what i expected to read all the films that i saw g

and about you know modern telephone systems the scene clear might as well stand for china if if lockheed martin and google can be compromised by the chinese i really doubt that their so-called lawful interception capabilities will remain secure that to me just sounds like quite a statement without any evidence to back it up without any proof that their previous systems are secure for example so why do you think it is then that companies like this i mean so far we haven't heard an outcry from them when it comes to sis but at the same time right most of these major tech companies are in fact supporting it with the exception of i guess you could say facebook and microsoft are now in this weird gray area where they say they're concerned about privacy but they haven't fully come out you know in the way that we saw with sopa and pipa you know so why what are the dynamics of that deal with these companies well i think that you know part of the thing that is scary about the american political world right now is a real nationalist drumbeating and there is a real fear especially because as people