agreement signed the morning of our hearing all options for extending the deepwater contract with lockheed martin beyond the date of expiration of the current date, january 24, 2011, were eliminated. i, of course, applaud this move. . we learned that certain challenges remain. the course of the acquisitions contained within the deepwater program have grown more than $2

. >>> it was another positive day on the market and bad news for lockheed martin.otter joins us live from new york with the business beat. where do things stand today on the mark sunset. >> premarket trading, we are down a little bit. done a little bit in europe as well. we have abeen up seven straight days in the market in general. yesterday, up about 68 points on the dow. ever did i as we stay above the 950 number, it is bullish from a technical standpoint. we want to keep that in mind. >> let's talk about what happened yesterday on capitol hill. ben bernanke was speaking. a response to what he had to say was what? >> he was at the house yesterday. he will be at the senate again today pretty much giving the same semiannual speech he always gives on the state of the economy. a little bit more rhetoric this time around about the potential for the fed to be more heavily involved in regulation. he said he cannot want that. that was not his intention certainly. also talked about inflation to a berate -- also talked about inflation a great deal. the goal of the fed is

lockheed martin say it has 20,000, jobs that could disappear.his is a plane nobody is flying. >> marietta, ga., can lose two dozen jobs. but many working on the f-22 could be shifted to work monday at 35, also made by lockheed martin, and 44,000 jobs could be created as they shift production to the f-35. shepard: the moment it affects your backyard, and the congressman who wants to be elected will raise cain, and that is why we are where we are. >> john mccain, who teamed up to kill the f-22 program, that wanted to halt funding. they did a by of more, but they hedged their bets and created a part for the plane in 44 different states. that is why so many are fighting to keep it. shepard: how many are we ordering that we do not use? >> 187, but it is important. shepard: preparing for war against china and russia. joy to the world. thank you very much. an american soldier who was believed to be captured by the taliban. he appeared in a video over the weekend in a taliban video. fox news has chosen not to run the video. today, a message was read fro

we are watching lockheed martin which will be releasing its second quarter earnings.he senate is scheduled to vote on a defense policy spending bill. back to you. >> thank you. we will see you back here for your next report. we will take another look at your morning commute with traffic and weather together. >> they reached and a swing to make all the difference in the outcome in new york with the baltimore orioles. that is coming up next. >> do not forget to e-mail us your answer to the water cooler question of the day. do you think city police were justified in arresting three boys under the age of 12 for theft? email us your response at watercooler@wbaltv.com. being smart. yep. just booked my 10th night on hotels.com, so i get a night free. you. me. getaway. really? where? anywhere you want. a bed and breakfast? bed and breakfast. check. a place by the beach? a place by awesome. oh, you are smart. accumulate 10 nights and get a night free. welcome rewards from hotels.com. smart. so smart. >> you hear all the time teams say it is much harder to lose a one-run game t

bethesda based lockheed martin a stock to watch today. the house yesterday approved a defense bill including $485 million to buy the first five lockheed martin presidential helicopters. the white house is opposed to it and voted to block funding for more of the f-22 jets. the next step is the senate. higher close for stocks yesterday. and gains as well for the blog maryland index with ninth therapeutics leading the way. retailers like wal-mart and best buy and staples slashing prices on lap taps and expanding the sloe selection. but bloomberg news says the customers spend big bucks on accessories and services. one analyst says consumers spent almost as much on extras like the external hard drivers and warranties as on the hardware. i'm michelle steele reporting for wbal tv 11 news. >> despite his wish to stay with the ball club george sherill is headed west. sherill, one of the few stars in the bullpen has been traded to the l.a. dodgers for minor le league they're baseman josh bell and pitcher steve johnson. sherill, who notched 20 servi

we have to get through the house decision, but the senate voting against the f 22 and lockheed martinlower by 8%. >> they say this is a victory for obama in trying to get this because he wants the f 35. we don't know who is going to be the winner of that if that ends up being the additional funding. here the stories we are following at this hour. shares of graw hill and moody's losses on news the white house is seeking tighter oversight rules for credit rating agencies. shares are plunging 20% with the company falling sharply missing analyst estimates and the house financial services committee with chief ben ber nank to get rid of the business at the top of the hour looking into whether they are too big to fail. if so, what we should do about it. >> for day two of his testimony. we will carry that q&a and shares ever apple up more than 75% year to date as they brace for the company's after the bell earnings. what can we expect from the i phone and ipod? jim goldman joins us with the preview. jim? >> apple certainly is not immune to the recession and feel together a lot less than its c

the bloomberg millan index rises thanks to lockheed -- maryland index rises thanks to lockheed martin. consumers' appetite for online commerce may be starting to recover. the world's biggest online store, amazon.com will report its numbers today. it may buy zappos.com. i am at the new york stock a change. reporting for wbal tv 11 news. >> 74 degrees sunday the hill. another check of weather and traffic is straight ahead. >> do not forget to e-mail us your answers to the watercooler question of the day. do you support the senate's decision on concealed weapon permits? >> the morning. we are checking on you morning commute. there are problem spots to look out for. delays are not a problem yet. we are looking at some accidents. we have an accident in the job area. another accident on bellinger road. -- bell a road. bel air road. volume continues to build in the white marsh area. we are looking pretty good. you will see a slowdown there and should get closer to the 7:00 hour. volume is building on i-70. that is the latest. over to you. >> very humid out there. we are tracking some activit

today we will be getting earnings reports including word from the lockheed martin. after the close, we will be hearing from apple anwe will see if applications helpede fnehoan iphone fans from defecting to the palm pre smart phone. yahoo! will be reporting quarterly results. they have revamped their home page. you can see what is happening on a popular spaces like facebook and twitter. and that is business news. i am reporting for abc 7 news. >> ok, thank you very much. 6:36. when we continue, will the health-care plan mean better quality plan -- care? some say the answer could be in new polling data. those numbers straight from mike allen coming up in minutes. and a vote on sonia sotomayor is supposed to happen there are moments in time when the pathswe take do determine our future. today we are communicating with each other as never before - and that requires a seamless network that is constantly growing better, smarter, and more secure. that's why our scientists and engineers in our labs, are taking the fastest technology in the world and making it mobile, better

keep an eye on lockheed martin. j.p. morgan chase was boosting their rating to neutral. they cited a nearly 9% drop in share price after the reported the largest profit drop in more than five years. the senate voted to ban production of the f-22 jet. stock futures are pointing to a lower open after more than a week of gains for the dow. and that is business news. i am reporting for abc 7 news. back to you. >> thank you. >>> 6:38. we have about 78 degrees. when we continue, an entire community comes out to find a lost dog. we will have more. >> adam caskey live with storm chaser 7 at the east falls church metro station. a typical july morning. we are wedged between two weather systems. >> we will have the latest on >>> 6:41 on this wednesday morning. your traffic and weather together every 10 minutes. >> let's check in with adam caskey. it is very humid police stepped out today. >> it is muggy. we have had some thought. now the fog is lifting. -- we have had some fog. look at the grass at the miniature station. you see a lot more brown then do green. that is how many of o

speaking of lockheed martin, after the world's largest defense contractor reported its largest profit drop in more than five years in the u.s. senate voted to end funds for its f-22 jets, the pentagon is now looking at its f-35. i am reporting for the gb wbal 1 news. >> do your homework if you are hiring a contractor. even if he gives you a license number that is valid, you still need to check it out. >> it is a serious problem. we have seen an increase in the number of complaints against unlicensed contractors. they can cost you thousands of dollars and put your safety at risk. >> i am embarrassed, humiliated, because i am so stupid. i am hurt. >> she spent $12,000 for an addition to her home. the back part of it is open and exposed. the only protection, this las plastic left by the contractor. this man did a poor job on her home. she said he was licensed by the state. we tried to ask him about it. he said he did not do anything wrong. tonight at 11, you will hear with the contractors have to say in my getting a license number is not enough. >> it is 6:21. another check on weather an

pratt & whitney won the exerks as to lockheed martin and boeing and general electric won separately as to mcdonnell douglas, lock immediate martin and boeing were selected. where lockheed martin ultimately won in 2001. that is exactly how most military aircraft engines are selected, as a team combining an airframe with a power plant. that makes serntion i might say. it obviously -- yet obviously we don't want them being developed separately. so with regard to a second engine, we're really not talking about competition. we're actually talking about another bite at the apple. i hope that the great engine war is over. i know of no doubt or analysis that supports the taxpayers will see any net savings from subjecting the engine for the j.s.f. to any further competition. i don't believe that there's anybody who believes more in competition than the senator from connecticut and me. including the chairman. we need to have competition. but there comes a point where you have to make a decision in the development of both the aircraft and the engine and move forward, and at some point you have to

the planes built by lockheed martin argued that the pentagon has enough jets already and allow it to put more money into other military ventures. >> at a time when we're fighting two wars and facing a serious deficit, this is would have been an incausable waste of money. every dollar of waste in our defense budget is dollars we can't support our troops or protect the american people. >> supports of the program argues that they are critical to u.s. security interest pointing out china and russia are developing planes to compete with them. >>> well this could have been the day the senate judiciary committee voted on sonia sotomayor, but republicans on the committee have delayed the vote for one week. no one doubts she'll be confirmed but the chairman of the committee says he's disappointed the g.o.p. held up today's vote. >> she will be on the supreme court, when they come back in september. she will be. she'll be there with a bipartisan vote. it's unfortunate we have to wait another week. but she will be there and she will be confirmed. >> following the committee vote, the full senate

. >>> lock lockheed martin held a ceremony in texas for the rollout of the f-35 fighter jet. the f-35 is expected to replace the f-16s and f-22s currently in use by the military. lockheed plans to build 19 test planes this year. if all goes well the military will get the first delivery of f-35ss in 2012. five senator republican senators said they will vote to confirm sonia sotomayor to the supreme court. the senate judiciary committee voted to approve her with only one republican member joining democrats to support her. she is expected to easily win confirmation and become the first hispanic on the high court. alexandria's police chief is retiring at the end of the week. david baker made his decision days after arlington police charged him with drunk driving. 9 news now digital correspondent, armando trull , has the story. >> reporter: baker was arrested by arlington police on saturday. he was driving a city- registered suv when he allegedly hit a car as he tried to merge on to i-66 from fairfax drive. arlington police say baker, the 40-year law enforcement veteran failed seve

used by all the armed services but democratic and republican lawmakers from the 44 states where lockheed martin and boeing make parts for the f-22 argue that 24,000 jobs will be lost, especially in player yet that, georgia. sh especially in marietta, georgia. >> if they lobbied on this issue and this was spent, it would be a dollar we can't spend for troops or prepare for future threats or protect the american people. >> the senate continued to debate the defense authorization bill tomorrow, up for a vote and expected to pass is an amendment introduced by republican senator john thune of south dakota that would allow citizens with concealed gun permits to cross state lines with the guns. democrats are fighting against that amendment argue that arms traffickers and people with criminal records who wouldn't normally be allowed to carry concealed weapons would receive permits in states where laws are weak. bret: we will be following that vote. jennifer griffin live at the pentagon. the senate judiciary committee has pushed back its vote on supreme court nominee sonia sotomayor for one week, at the

lockheed martin led the maryland index lower.d governor o'malley set to testify on stimulus funding to the house committee on oversight and government reform. a new report from the government accountability office finding almost $30 billion has been paid out to states slightly ahead of schedule. g.a.o. saying the majority is being used to stabilize budgets and maintain benefits under medicaid. that is business news this morning. i'm michelle steele, bloomberg news reporting for wbal tv 11 news. >> celebrity mug shots. yesterday we showed you the mug shot of joist dewitt after being arrested on d.u.i. charges. this morning another star faces similar charges. this is eddie mechanic can. doesn't -- mecca. you may know him better as ragusa from laverne and shirley. i remember the name but not the face. he was arrested in vegas after being involved in a car crash. he is charged with misdemeanor d.u.i. >> he looks different and we had the wrong mug shot in the tease. it is now 6:19. 60 degrees. another check of weather and traffic stra

my dad worked for lockheed martin we thought it was normal for people to have paintings of airplanes in there linger we would go to use a new school and it was the their missiles, planes, or apollo rocket ships. i did not need to ask my dad would he was thinking. when we would go to church, this call on sunday. it really was the wonder years. it was middle america. it was the suburbs and a great child hybrid removed around we got transferred with two mississippi. been removed to upstate new york or fibers six years than resettled in florida of. pensacola where my mom's side of the family is from. we went to public schools for most of my schooling. one of my best experiences was 1969 being the first class of the integrated school my parents did not send us to private schools were a lot of the white flight had gone because 69 was the first your misses a beat schools were integrated. it was a great experience. my mom said she did not want me to go to kindergarten she kept me out so first grade was 50 percent white and 50 percent black and it had been the african-american school a year b

when lockheed martin set out to make them 30 years ago, they planned from the beginning to have partshese planes made in 40 different states, so members of congress from those 40 different states would have reason to support building more of the planes, just for the sake of local interests, just for the sake of jobs, regardless of the usefulness of the planes. and bingo, we ended up in a situation where the soviet union hasn't existed for 20 years, every f-22 costs $350 million to build, they're not useful for our current conflicts. no f-22 has flown a single mission in iraq or afghanistan. the military does not even want f-22s, they've been known to trap their pilots inside them. they take over 30 hours of maintenance for every hour they're in the air, but for some reason, we keep building more of them. and even the biggest, hawkiest hawks in the defense world know that this is dumb. >> with regard to something like the f-22, regardless of whether the number of aircraft at issue is 12 or 200, if we can't bring ourselves to make this tough but straightforward decision, reflecting the

losses led by federal realty trust and lockheed martin. we're also watching legg mason. the company posting its second quarter earnings after markets close today. finally, continuing to keep an eye on marriott international after last week's deadly hotel blast in indonesia. the suicide bombings not keeping the biggest u.s. hotel chain from investing in southeast asia. marriott is opening its first hotel in hanoi to the tune of $130 million. that's according to the vietnam investment review. that's business news at the new york stock exchange. i'm michelle steele, bloomberg news reporting for wbal-tv 11 news. >> thank you. 6:19. it's 62 degrees on tv hill. another check on weather and traffic is straight ahead. >> two baltimore city officers ambushed by a gunman in west baltimore. we'll have more on the events that led up to the gunfire and what commissioner bealefeld had to say about the suspect. >> and e-mail your answer to the "watercooler question of the day." what is your favorite memory of legendary journalist walter cronkite? email your response to watercooler@wbal

. >> lockheed martin the defense contractor that makes the f-22 is very smart. they put their production facilities in 40 different states. they figured that this was a program that would be too big to fail because each congressional district that stood to lose jobs would basically go to bat for them on the hill it worked for a long time but now president obama is saying no more. shepard: jennifer griffin live at the pentagon. thanks. one of three inmates who escaped from a prison in indiana is back behind bars as fox reports tonight. he was nabbed just miles away in grand beach, michigan. police there say a security guard for chicago's mayor richard daily caught him. cops say security guard found this man, convicted murderer charles smith near the man's vacation home in grand beach and held him at gunpoint until officers got there smith escaped yesterday with these two men and one of them was reportedly spotted in the town with him. authorities continue to search for both remaining fugitives and these brand new images show part of the prison system of service t

we'll pick it up with lockheed martin. a drop of 8%. jim? >> there will be no f-22s being built. it is down 6%. it's a time to buy this thing and trading with india. >> moody's was down 6% on the session. careen? >> moody's, was there legislation out there that might not be so good for moody's trying to really sort of decrease the prominence and how necessary these rating agencies are. that's a bad thing for moody's. >> more regulation from the obama administration. >> imagine that. >> a pop here for deere, up 2%. tim? >> we're driven up by caterpillar's numbers and deere is playing in the same place. run with the deere. >> go ahead. >> i don't like -- unless you're grasso. >> i am when i want to be. >> i'm not sure. i'm not sure. >> all right. dick grasso over here. i don't like airlines and even if the ceo told us that it could be tough going forward so who better than to take the ceo's word? i'm not going to be buying. >> we have a pop here for neil armstrong, the cheese version. yesterday marked the 40th anniversary of the first moon landing and residents in ohio decided to c

we have owings corning, lockheed martin, paychex, the houston independent school districts, nationwide children's hospital. and here's what they've all agreed to do. they have agreed to offer four visits with a primary care practitioner a year, with four advise dwroits a dietician a -- visits to a dietician a year for children of covered parents ages 3 to 18. this is just part of the normal benefit portfolio for children and youth. they've committed to a set of goals around the number of beneficiaries they hoped would use the benefits. we now have just almost a million kids being covered by this already, just in the last five months. and within the next couple of years we're trying to get it to 6.2 million which is what we think is the number necessary to cover 25% of all the overweight kids. in the country. in the age-group. so i'm not sure we can get there. but we're working at it. it's really impressive. so the first thing i want to do is to thank the employers and insurers who are part of this as well as the american academy of pediatrics and the american dietetic association who h

a public school, parochial school, private, evangelical school. [ indiscernible ] >> work at lockheed martiney work for government. they work in every big country -- [ indiscernible ] >> what these people are trying to focus on are things which doesn't exist. >> the fairfax board of supervisors says the matter will be decided on land use and zoning issues exclusively and not anything related to the school's curriculum. >>> amtrak has unveiled the first of 81 passenger train cars bought with money from the federal stimulus package. the rail system has received $1.3 billion in federal funding. amtrak ridership has increased about 25% over the past three years. >>> today metro general manager john catoe and national transportation safety board member debbie hersman will appear before a house subcommittee to discuss last month's deadly metro crash. yesterday the ntsb urged metro to upgrade its train control system with continuous backup protections. right now, cato says the agency is monitoring its computerized train control system daily but not constantly. >>> the dallas rail project just got -

lockheed martin which is the principal contractor building the f-22 has significant operations in histate. chambliss invoked airmen and soldiers to who little say in the funding debate. >> stand up and say that if you cut production of the f-22 off at 187, you're going to put this country at a high risk from a national security standpoint. >> reporter: connecticut democrat christopher dodd argued that thousands of jobs were at stake. >> from both a manufacturing perspective, a job loss at a time when unemployment rates are skyrocketing, this body is about to lay off anywhere from 25,000 to 90,000 people. >> reporter: mccain recognized that potential employment impact but in arguing against the funding invoked a famous warning from dwight eisenhower. >> i would only add to president eisenhower's farewell address to the nation which is compelling in many ways that it should be changed the words should be changed from military industrial to military industrial congressional complex. what we are seeing here despite the advice and counsel of our president, of our secretary of defense, of o

been brewing, with impassioned arguments from those on one side who have the parts on the state, lockheed martinell you it is between being and hundred $40 million plane, $300 million, whatever is -- it is one of the most expensive ever built. but they are smart and they have parts of those planes made in 44 different states. so on the other hand, secretary gates made the argument you're talking about 24,000 jobs lost if you close the f-22 line. but when you continue and put that money into the f-35 building, you have 82,000 jobs being created in the next three years. a lot of debate and passion of the issue, with president obama threatening to veto if the f-22 is still in it. jane: to iraq now, multiple bombings in and around baghdad. we're told at least 11 people killed, dozens more hurt. one set of blasts hit near a group of day laborers. others targeted shopping areas. the 19 are hurt. several victims in that bombing were children. jon: hillary clinton in thailand, meeting with the association of nations. what is all this talk at the conference that there is a new axis of evil in that part o

lockheed martin has incredible buying and lobbying power.een distributed cynically through 50 states. at the end of the day, their practice are expensive. but you can still live with it if it worked. but clayton, it just doesn't work and i would gladly detail it doesn't work if you like. >> clayton: i want to get a little bit more macro on this because to me, this is just one point of a larger load issue. i think this is an opportunity for republicans who decry massive spending, john mccain in front of his saying we're wasting billions of dollars in our defense budget that projects like this. people bringing home pork in their districts to save 50, 60, 100 jobs. is this right? is this part of a larger problem? dematha goes back to president eisenhower when toward the close of this administration it up about the defense industrial complex. really it is a defense industrial complex. as to say in the 90s and it is true now than ever, we could have beaten the russians were, we could beat the chinese but we can't beat lockheed martin because defe

lockheed martin is celebrating the rollout. the f-16 and the f-22 as the fighter jet of the future. 19 test planes were built this year. the military will take its first delivery in 2012. bill: interesting news. keeping a strong. in the meantime, serious topic coming up on "kelly's court." megyn: a sex crimes prosecutor that finds himself in handcuffs, accused of raping a fellow prosecutor. the details of the case are shocking. will the accuser's story hold up? we will examine the facts next in "kelly's court." bill: president obama, taking place in two town halls on health care reform. will that be enough to convince americans to change their health care coverage for good? f what's our favorite part of honey bunches of oats? the sparkly flakes. the honey-baked bunches! the magic's in the mix. my favorite part? eating it. honey bunches of oats. taste the joy we put in every spoonful. we call the bunches in honey bunches of oats the prize in the box. well, now there's a prize inside the prize. pecans! pecans! baked into crunchy

colorado's largest employers, allstate insurance, and lockheed martin space systems, the largest industry, professional and business services. >>> okay. so where am i? here is this hour's hint for state number one. look at the screen closely as we tell you this place is for real. think about that. next hour on "power lunch," we'll give you the runner up in america's top states for business. you can read more about our study and find out conveniently eventually how your state stacks up at topstatesforbusiness at cnbc.com. >> you should get that. >> of course he means reel, r-e-e-l. >> not california. we know that. >> what about wyoming? >> we'll find out. scott is going to tell us. in a couple of hours. >> still ahead, rider system is a major transport company. first on cnbc, the ceo. >> and we head to the hamptons to see how the high-end homes are holding up. >> up next, the dow blasting >> up next, the dow blasting through 9000. see you on the other side. market experts show you how through fidelity's extensive trading knowledge center. and fidelity gives you free research from 15 indep

guest: lockheed martin says 44 states, the major assembly is in georgia and texas and washington.e engines are ohio -- excuse me, conn. -- conn. there are bits and pieces all over the place. we really need a competent assessment from g a l, for example, to get a real count -- gao. host: what surprised you, researching and editing? guest: nothing's changed. we have been on this path for a long time. more money results in smaller, older, less ready forces. this is something that is independent of democrats and republicans. i suppose the thing that really surprised me the most is the failure of parties that could be doing oversight over this and alerting the public, not been particularly aware. i mean, it has been a simple data on the sides of the budget and the size of the forces, but it was news to people about the shrinkage of forces as ever increasing cost a couple of years ago. that shouldn't be the case. people should be complaining about that on capitol hill all the time, and they are not. host: our conversation is with winslow wheeler. our phone lines are open. you also e-mai

agreement signed the morning of our hearing all options for extending the deepwater contract with lockheed martin beyond the date of expiration of the current date, january 24, 2011, were eliminated. i, of course, applaud this move. . we learned that certain challenges remain. the course of the acquisitions contained within the deepwater program have grown more than $2 billion and are now projected to approach $27 billion. costs overruns in coast grd acquisition efforts remain a very serious concern. further, this month, the government accountability office released a new report whose very title contains a serious warning, and i quote as deepwater systems integrator, we are assessing costs, but lags in its approach, end of quote. this report notes that the service has moved to procure the fast response cutter, the first asset acquisition effort is managing entirely in-house without having in place all acquisition documentation required by its major systems acquisition manual. even if the coast guard establishes the best possible management systems, they will be of no use if they are not followed.

the money would pay for seven extra f-22 fighter jets, 187 of those lockheed martin aircraft are already requested. now, mccain wants to end f-22 production. the obama administration agrees, but supporters say more f-22s are needed and there's potential conflict involving iran or north korea. >>> so, you really want to go green? then you might want to consider going white. that idea is being floated by energy secretary steven shoe. he recently said people the world over can attack global warming by painting rooftops and roadways white. that would keep buildings cooler and then reflect the sun's rays back into space. he says it would be like taking all the world's cars off the road for 11 years. who knew? painting your roof white could do so much. >> green is white. thanks very much for that, betty. we'll get back to you. >>> the teenager who almost became sarah palin's son-in-law is now elaborating on his claim that the alaska governor is trying to take the money and run. levi johnston speaking out about palin's bombshell decision to resign and talk of a palin reality show. >>> and a new

tomorrow, caterpillar, lockheed, martin and coke. you get starbucks and many others. on wednesday, we have pfizer, glaxosmithkline, echoir lily and suntrust. on thursday, you get mcdonald's, 3m, ford, foot, amazon and microsoft. friday, black & decker. look at tuesday and thursday especially, very heavy trading. if you're wondering how the earning season is going, check this out. the green ones are the ones that beat expectations. they beat the estimates. the ones who missed are in the red. you've got six dow components in the green and one in the red, which is intel. this is not working. in any event, this is the heat map so far. it shows so far you're looking at big companies that beat expectations. as far the s&p 500, 5,500 components reported. that gives us a surprise factor right now of 11.2%. we've got a lot of things to recover. it will get really hairy starting tomorrow. >> the heat map is nice. it's nice to see the components laid out graphically. >> it helps explain why we saw so many gains last week on the market. >> you remember intel as a myth? >> no. >>

guest: lockheed martin says 44 states, the major assembly is in georgia and texas and washington. the engines are ohio -- excuse me, conn. -- conn. there are bits and pieces all over the place. we really need a competent assessment from g a l, for example, to get a real count -- gao. host: what surprised you, researching and editing? guest: nothing's changed. we have been on this path for a long time. more money results in smaller, older, less ready forces. this is something that is independent of democrats and republicans. i suppose the thing that really surprised me the most is the failure of parties that could be doing oversight over this and alerting the public, not been particularly aware. i mean, it has been a simple data on the sides of the budget and the size of the forces, but it was news to people about the shrinkage of forces as ever increasing cost a couple of years ago. that shouldn't be the case. people should be complaining about that on capitol hill all the time, and they are not. host: our conversation is with winslow wheeler. our phone lines are open. you also e-

lockheed martin, ahead of expectations. -- or revenue was above expectations here as well. full year guidance is affirmed at $7.15 to $7.35. the street, though, is at $7.41. state street reported second quarter losses of $7.12. but that included some items, the operating earnings per share of $1.04. looking for the estimate. i can't really see what the estimate and how that compares to -- oh, yeah, operating -- i don't know if that's above or below expectations. united health, three cents ahead of expect takings, revenue slightly below the $21.76. continental reported a loss. we just had gary from southwest on, the ceo, talking about a profit of penny ahead perform continental, i'm trying to figure out what the real difference would be between continental and southwest. $1.36 is ex-items and that's in line with loss, that's in line with the reuters' loss estimate. i wouldn't be surprised if it had something to do with hedging because you know that next quarter continental -- or southwest is not sure it's actually going to b

requested to try to salvage five out of seven of the costly helicopters but the prime contractor lockheed martinhas estimated another 1.5 billion could be needed reflecting the navy is a tough and testing standards for the helicopters. this will fortified gates argument that taxpayers would be better off if the program were terminated outright. in his speech in chicago gates of back to what has been a consistent theme, battle defense weapon choices out to be weighed in the context of the new "zero sum game. my frustration has been with people who argue for a specific weapons system and people who do not have to make decisions between competing priorities pretty dismiss those as cuts as risky. those three words of requirement, risk, analysis are commonly evoked in defense matters. applied correctly they help us make sound decisions. i found more often they have become the holy trinity of business as usual. cincinnati ohio, independent-minded. >> caller: i like to preface my comments by saying i have a degree in computer science with a second generation two brothers whose studied one spent 18 mont

and he says: the united states top fighter jet the lockheed martin f-22 has recently required more than 30 hours of maintenance for every hour in the skies. pushing its hourly cost of flying per hour to more than $44,000. a far higher figure than for the airplane -- warplane it replaces, confidential pentagon test results show. and it goes on to talk about some of the problems that it has experienced and it goes on to say while most aircraft fleets become easier and less costly repairs as they mature, key -- on average from october of last year to this may, just 55% of the deployed f-22 fleet has been available to fulfill missions guarding u.s. airspace that the defense department acknowledged this week. the f-22 has never been flown over iraq or afghanistan. now, i would point out that the cost per aircraft is aroun around $350 million depending on how you calculate it. now, we've got a $350 million airplane investment to the taxpayers of america that has never been flown over iraq or afghanistan, the two conflicts in which we are engaged in we know for a fact that the much older aircr

another 190, 200 f-22's, that some of the folks that can build f-22's, hands that can build f-22 by lockheed martin, hopefully some of those people will be able to build f-35's that cost half as much, they do more things, a greater variety of missions, and they're also joint aircraft, will be used by other -- other branches of services and hopefully by other countries. i'm not aware that other countries have bought the f-22 but my hope is a lot of countries will be interested in buying the f-35, given its variety of missions, its versatility and also its much lower cost. well there, you have it, mr. -- mr. president. i -- i don't know that i've made a compelling case but i -- i appreciate the chance just to -- to share with my colleagues and -- and anyone else who's interested that at a time when we're wrestling with these enormous budget deficits, after eight years where we've literally doubled our nation's debt, in a year when we're expected to run up the highest budget deficit in the history of -- of our country, at a time when we have major cost overruns in new weapons systems, at a time when w

according to the f-22's prime contractor, lockheed martin, the f-22 employs 25,000 people across the nation and 17 thousand indirect jobs. with over 1,000 suppliers in 44 states, it has an economic impact of over $12 billion. the impact of the decision to kill the f-22 will have further ramifications. with this decision america's production lines of advanced tactical aircraft will grind to a hall and is not expected to ramp up again for another three to four years. what happens to that wrorbgs? i know what happens to it. my colleagues vote against this industry they'll be saying that the government will no longer support these 95,000 skilled workers across our nation. and to me, it just doesn't add up. it just doesn't add up. with the $1.7 billion that we're saving by adopting this amendment, this many jobs in aerospace lost, in my view, and the ability to reconstitute it at a time when our nation needs to keep people at work, but also to maintain our superiority. the other day, madam president, i went to a chart explaining the capabilities of this aircraft versus those that exist by