robert shiller quoted bernard baruch who successfully bet against the herd and buying long term u.s.asuries because of the low yield. they provide port folio balance. this warren buffett invested in bank of america stock. financial stocks have been villified until now they've been the worse performing s&p industry group this year down 25% at one point. as warren buffett recognizes, there are selective bargains to be had in the financial services sector. next month i'll have an interview with morning star's bruce berk berkowitz who has ind in financial stocks. next week we'll be revisiting a interview several months ago with niall ferguson with his new book civilization, the west and the rest and the last 500 years of economic history and why the course of that narrative is changing so dramatically. in the meantime i want to ask you the viewers a favor. sponsors asked for information about our audience. would you fill out our survey on our website, www.wealthtrack.com. thank you for watching and make the week ahead profit and and productive. captioned by media access group at wgbh acc

but it is your obligation to plan for the long term as well as the short term. the ada has a set of priorities that guide you on how you will be serving your property. the ada says a certain party of getting in the front door, but you are logical, you want your customers to access your services. be that steps, be that ramps, if the door is not wide enough, if the landing is not level enough. priority two is actually travel. once you get into your business and start speculating the wits of your files. access to all of your services. [inaudible] rearranging furniture. that is something we would call readily achievable, if you move your table out of the way to allow a person with a wheelchair access to your space. restroom facilities only come into play after you have already made the entrance accessible and you have trouble accessible. restaurants only have to be accessible if they are available to your customers and clients. and actually does not cover employee access to the restrooms. we have other priorities that come into play. [inaudible] you want that inspec

>> susie: in a highly anticipated speech, fed chairman ben bernanke says we're still poised for long-term growth, but he fails to offer any new stimulus for the economy. >> i think its pretty clear that monetary policy has pretty much reached the end of the road. >> tom: meanwhile, a weekend of violent weather on tap for the northeast. new york city is prepping for the worst. >> we'd like to ring that bell over there. but it's not clear that will happen. >> tom: from the markets to the impact on travel we'll have the latest. it's "nightly business report" for friday, august 26. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. thank you. captioning sponsored by wpbt >> susie: good evening everyone. ben bernanke said today the economy needs help, but he didn't offer any new action to fix it. tom, everyone was waiting eagerly for this speech from the federal reserve chairman in jackson hole, wyoming, but there were no silver bullets. susi

the long-term house f.a.a. reauthorization bill does not create a new hurdle to unionization. instead, it restores the long-standing ability of airline employees to make decisions for themselves and not just a few of them but all of them. in a few minutes, i'm going to ask unanimous consent for an amendment that includes the n.m.b. language from the original house-passed long-term f.a.a. and this whole problem would go away. so in a few minutes, i'm going to ask unanimous consent for an amendment that includes the n.m.b. language from the original house-passed long-term f.a.a. reauthorization. now, my critics will point out that both times i have previously asked consent, it has been for legislation that did not include the removal of the n.m.b.'s heavy new hand. however, i have spoken frequently on this issue and i bet my position is very well known. i was hopeful that my earlier requests for consent would stimulate discussion on a long-term reauthorization and the issues preventing a long-term reauthorization from taking place. my concern is that the white house and their all

dollar stay out of any form of medium to long term u.s. treasuries but by the way also eurozone doesn't look better again saw the rest we are very optimistic on it ok jeffrey in cambridge i'm going to you is that too bleak of a picture there i mean pat the past the point of no return that's when markets. well absolutely not i'm not sure i heard that right there is there's no chance we're going to have a restructuring of the debt i mean we have a very serious long term debt problem we've had it for quite a while it's it's long term in two ways one that the problem is that deficits the moment the problem is the retirements and the rapidly increase in pensions and health spending medicare and social security that are going to come over the next few decades that's a problem it's also long term in the sense that we we've been facing this problem for thirty years many people like myself have been worried about this for thirty years there's nothing magic about about this year the only thing that's magic about this here is it's become a political

but it is your obligation to plan for the long term as well as the short term. the ada

but it is your obligation to plan for the long term as well as the short term. the ada has a set of priorities that guide you on how you will be serving your property. the ada s

fiscal plan here and just trying to get these casualties in grounds is not really working long term enough that's that's the basic problem you know the unfunded liabilities of so security and medicare and medicaid are going to go up by more than and two trillion this year the probably go up by four through so in just one year they're going to go up by four trillion is my sense so here we are trying to reduce expenditures by two trillion over ten years when the unfunded liabilities are going up by four trillion and when you think you have it on here we're looking at the wrong numbers well look at the raw numbers they get these are the numbers that politicians seem to be looking at and you're calling for a more long term solution that needs a lot more cuts what we've seen in the last few weeks is a lot of debate holding up the debt ceiling over what is going to amount to nine hundred billion dollars over ten years straight away so if that's the only compromise that lawmakers can get to is what your calling for ever going to actually happen as a reality is that even possible. well it's

because we don't know now if the criticism of the us a budget deal mainly targets the lack of a long term solution i figure saying this is only a six month solution one will definitely take on the bigger picture in terms of its rocketing debt thing. well you know it's a long term problem of any democracy that it makes a lot of promises to people and when people get older those promises have to be kept all dishonored you know and that's a long term problem of people getting older and big promises having been made and that's true of most democracies and in fact most countries these days advance countries have this problem of people getting older and having to think about how to deal with that pensions and that medicare and all those things so this will be something that will run and run until the u.s. reaches some new consensus about what level of taxation it can afford and what level of benefits you can afford to give people as they get older certainly seems or they might be poised to slash a lot of benefits in the public sector but a lot so let's look at the broader scope of what you thin

near term deficit reduction because many would argue that's the last thing people need, other than long-term credibility that it's going to happen at some point in the future. >> or you could do near-term stimulus and then double up on the amount of savings at the special committee. >> all decisions that have to be taken in the white house and at treasury in coming days. thanks so much, john harwood, from capitol hill. >>> now joining me from wall street is jim cramer, "mad money" from cnbc. let's dig deeper into what's happening on wall street today. obviously, a slightly better than expected weekly jobs number, but still, we've got a lot of turmoil to come. we have not bottomed out, have we? or have we? >> no, i don't want to say we bottomed because our problems are two-fold. one, do we have an imminent recession because of all the different problems in washington. i'm not going to say the problems are on wall street. i'm not going to say the problems are with companies. it is washington, and the second thing is the central bank of europe, are they in real crisis and are their banks in fra

but it is your obligation to plan for the long term as well as the short term. the ada has a set of priorities that guide you on how you will be serving your property. the ada says a certain party of getting in the front door, but you are logical, you want your customers to access your services. be that steps, be that ramps, if the door is not wide enough, if the landing is not level enough. priority two is actually travel. once you get into your business and start speculating the wits of your files. access to all of your services. [inaudible] rearranging furniture. that is somethinwe

but it is your obligation to plan for the long term as well as the short term. the ada has a set of priorities that guide you on how you will be serving your property. the ada says a certain party of getting in the front door, but you are logical, you want your customers to access

work with, we're at the beginning of that relationship from the standpoint of putting it in place long-term. i think probably in all in the most important part are the people-to-people aspects of it. often times these relationships get focused at a very senior level. my relationship with generals which is strong and he's a good friend and we're both very committed to this, but equally important from my perspective are our young officers and our n.c.o.'s. they get to learn learn about each other when they're young so when they're in positions like this, we're not beginning a relationship, but we're actually continuing one that's developed over many years. and iraq is a critical country and a critical region. and i think there is great hope for stability, great hope for economic growth, great hope for a democracy in this region and so there are many reasons i think to commit to this overall long-term partnership and relationship, far beyond just the military-to-military aspect of it. >> [inaudible]. i know the u.s. military's not directly involved in syria, but it must be of some concern to y

i mean we have a very serious long term debt problem we've had it for quite a while and it's long term in two ways one that the problem is the deficits the moment the problem is retirements and the rapidly increase in pensions and health spending medicare and social security that are going to come over the next few decades that's a problem it's also long term in the sense that we we've been facing this problem for thirty years many people like myself have been worried about this for thirty years there's nothing that chick about about this year the only thing that's magic about this here is it's become a political issue this year the american political system kind of bizarrely swings back and forth between not being concerned at all about the problem and making it much worse with huge tax cuts like we did in the early eighty's when james baker was working for ronald reagan or as we did in the bush administration versus times when all of a sudden we're concerned about it i'm happy that we're i mean if we're concerned about it fine let's take advantage of that political crisis to solve th

be done in the short term, and i wanted to underline those short-term things and just focus on long- term things. thank you. >> very good. i appreciate that comment, and also the comments from the league of women voters. certainly for greater transparency and for david to be shared and for the public to have the information available, and often, it is not presented in a very -- it is not available or presented in a way that is understandable, even. i agree with those recommendations, and that is something i will work with colleagues on to see if we can get some way of having that displayed with the department of the elections. so thank you for your comments. if there are no other members of the public to comment on this item, we will close public comment. and this item we can file. ok. madam clerk, if you could please call item 3. >> item 3, resolution authorizing the san francisco public utilities commission to accept and expend a u.s. environmental protection agency administered grant in the amount of $970,000 for a civic center sustainable resources district project. supervisor avalos:

so here in the long term they're seeing this in the long term saying this is the reason for the fiscalommission to act in a way that conflict for all of these different options for deficits on the table. >> thanks. >>> the downgrade is hitting u.s. markets hard, but what impact might it have on the auto industry and the interest rates on any of your car loans? we'll address that specifically right after the break. the eagle flies at dawn. the monkey eats custard. price-line ne-go-ti-a-tor. so, you've been double crossed by other travel sites and now you want to try the real deal. yes, is it true that name your own price... ...got even easier? affirmative. we'll show you other people's winning hotel bids. so i'll know how much to bid... ...and save up to 60% i'm in i know the lady in leather travels on three wheels. wait, is that code? that's my secret weapon... ...naomi pryce see winning hotel bids now at priceline. naturals from delicious, real ingredients with no artificial flavors or preservatives. naturals from purina cat chow. share a better life. that's not going to satisfy you.