. >> paul:y guest "market monitor" this ek is robert morrow, editor of e institutional advisoryerviceand publisher the monthly rket letter, the high ch growth fecaster. bob, welcome back to "nightl business report" >> good toe back, paul. >> paul: ven the fact u.s. stocks have beendvancing for six monthsow, do you believe the bull market still has legs? >>bsolutely. i thina new bull maet started rch 8 this year at a s& of around 676. at that time, my institution advisory said that we uld go to150 in the octor-november time fme this year. is will be ainor peak,nd an ongoing bull mket. >> paul: how long wi it la overall? >> the bull market will probably lastwo, three years, say several years. there will be two more minor peaks wh measuble declis so iwill be a daunting market. >> pl: will the dow and other major indicesi had the record highs? >> ty probably will. i mainly focus on the s&p 5 becausof the broad base. >> paul: what sectors do u believe are psed to make the greatest gains. >> that the sectors that are most favorable are tecology, materials, energy, consumer scretion, and i t

. >> pl: my guest "market monitor" ts week is robert morrow, editorf the institutional adviry serviceand publisr of the monthly market letter, the high te growth foraster. b, welcome back to "nightly business report". >> good to b back, paul. >> paul: gin the fact u.s. stocks have been aancing for six months n, do you believe the bull market still has legs? >> aolutely. i think new bull mark started mah 8 this year at a s&p of around 676. that time, my institutional advisory said that we wod go to 10 in the octobenovember time fra this year. th will be a mor peak, a an ongoing bull mart. >> paul: how long will it last overall? >> the bull marketill probably last t, three years, say several years. there will be two more minor peaks wit measurae decline so it ll be aauntingarket. >> pau will the dow and other major indicesiesad the record highs? >> theprobably will. i mainly focus on the s&p 500 because theroad base. >> paul: what sectors do yo lieve are poid to make the greatest gains. that the sectors that are most favorable are technogy, materials, energy, consumer diretion and ihink

tomorrow, our iday market monir guest is robert morrow, editor of the institional advisory svice. >> susie: if you'vnoticed your bankccount getting a little gger recently, you're not alone. the federal reserve ys americans' net worth jumd by $2 trilln, up to $53 trillion this spring. that'she first gain in nearly 2 years when householdealth peaked at 5 trillion. net worth is the value of sets like homes, investments d checkingccounts, minus debts like mortgages and credit rds. >> paul: it oks ke one of rnie madoff's homes has a ne owner. realtor e corcoran group says a buyer has agreedo purchase the fallen fincier's beachfrontome on long island. the 4-beoom, 3,000 square foot home was up for sa at $8.75 million. and appantly sold above that price. the feds say the pceeds will go tvictims of madoff's massive investment fraud. >> susie: some sayhe current econic recession feels more like depression. but is that reallyhe case? tonight's o ways to play takes a look. here's kevin depew of minyanville and minyanvills kevin depew. >> recently i ran a google search on the words onomic depres

. >> reporter: policy makers will announce the decision around2:15 eastern te morrow. the marks will not only pay attentioto the statement, but whether there are any dissenters. a signof disagreement. erika miller, "nightly siness report", new york. >> paul: wall stet moved higher ad confidence the fed meeting would pride more optimismbout the economy. stocks were also bolstered ba weaker dollar d stronger commody prices, sending the doup 60 points by noon with the nasdaq rising 12oints. stocks remained high as more buyers aear to be coming off the sidelines afraid of miing out on the ctinuing uptrend in stocks. stro demand for an auction of 2 year t-notes was ather positive, helpg the major avages close at their best levels of the year. >> pau look for the $75 a barrel to be the new basele price for oil. that's what saudi arabia's o minister ali naimi tolmy co- anchor sus gharib today. susie sadown for an exclusive interview with naimi thi morning, in jedd. he sayhe's seeing signs of recovery from the recessio buhe doesn't see a change in production quotas beeen now a

morrow's newspapers will be full with stories like six, seven pages, just devoted to afghanistan.ight. and president obama'spparent determinion to push ahead with the missioin afghanistanow is thataffecting how italians, the italian government es him, his admistration? >> italia love president obama. and i don't think at the insistence o going on wth the r in afghanistan is going to affect the viethat italians ha of the administration. but if the president id that his euroanllies should mmit moretroops to the fort in afanistan, would theens nd more forces? that would be a very diffult decision for pre minister berlusconi >> what do you thin would be palatablfor the italians? maybe sending people that will work on the bac line. logistical support, police support, training rather than being on t front line. okay, thank you very much for joining us. >> thank you for having me. >>> saying with afghanistan, president hamid kzai defended his integri of the country's presidential election today. he also admted for the fir timehat there was fraud by govement officials who support him but

. >> susie: morrow, depression versus recession. minyanville's kevin depew oks at both sideof what's happening th the economy. >> susie: k.b. home is sing a turnaroundn the housing sector. today, the cpany announced plans to rese construction in e suburbs of washington d.c. after a two-year hiatu and, t firm will re-start sales in five communits. the nation's fifth large home buder plans to build smaller, mo affordable units to compete with lower-priced foreclosur. >> paul: first te home buyers have been caing in on those low-priced foreclosures and hefty tax crit. now the present's economic team is studyinghether to exnd that credit. it's worth up $8,000 dollars on the purchase of a first he, d is set to expire november 30. the measurwas part of the present's massive stimulus program. >> susie: here's a looat what's hapning tomorrow. weekly jobless claims and aust housing startsre released. in the money fe tonight, the safety of safe haven investments. here's jas zweig, personal finance columnist at "the wa street journal." >> coul

she's ju back from saudi arabia, and morrow night, we'll haveer exclusive interviewith saudi arabia's oil minister ali al-naimi. he thinks $75 a barr will be e new baseline price for oil meanwhile, tay in new york trading, crudeil tumbled 4.5% to $65.89 a barr. w demand is pressuring price as weekly crude oiinventories rosegain. >> suzanne: rmer fed chairman paul voler today criticized president obama's plan to pose strict rules on systically risky firm volcker ys, even if the rules are adopted, we' still have firms thatre "too big to fa." he serves as an outside onomic advisor to the preside, and suorts much of the administration regulatory refo plan. but volcker told conessional lawmakers the proposed rules could encourage en riskier behavi. >> suzanne: anwhile, volcker's former agency was to keep one of the tls it's been using to cope with the financial isis. the federal resee wants to make t term auction facility or t.a.f. permanent. at program's used to make short-term emergencyoans to banks. the central bank is scalinback the lending progras operations becausof the improving eco

our friday market motor guest is rert morrow, editor of the institutional adviso service. on the economic calendar: tuesday: july business inventories and thaugust reports on retail sales d producerrices. wednesday: the consumer pric dex for august is released with august industal producti. thursday: weekly jless claims and august housing starts. >> paul: mguest market monitor this week is erik riuben, chief investment offer for client investment stragies at russell vestments in tacoma, washington. >> eri, welcome to "nhtly business report". your first visit as a "market monitor." >> delighted to beere,aul. thank you very much. >> paul: many analys and investors think t stock market has gotten ahd of itself. whato you think? >> i don't think it has. now, obviously, e future is hard to predict incredibly accuraly, but what we think the market has reall done is recover fr a disaster scenario from kind of march to mid-may. since may it been really beginning to forecast a recovery econically. consensus has us at afairly mild recovery, certainly versus historical staards. so we

like you said, on the jim morrow show, that it might be the anger. i can add drugs and money into it and -- >>> drugs and money? >> yes, because she is making money at it. listen to this. if you take a couple of pages out of the book that she refers to john and allegations she has against john, that book would have never been sold. >> well, yeah, of course. the reason it's a best seller is she's saying she had sex with her famous father, and he shot her up, and he incested her. these are horrifying claims. >> and john cannot defend himself. that's why i'm on the phone with you. i want to defend him, speak for him. i know john was -- >> how long were you married to him? >> i was married to john for six years, and he was sober for like five and a half years out of it. and he was -- altogether, he loved his family. he would do anything possible. >> was he a drug addict and an alcoholic? >> when i was married to him, no. >> but previous to that? in other words, he sobered up? what years were you married to him? >> i was married to him from 1995 up until

thanks for sharing talent and for chris morrow for bringing it to us.one of her teeth is back home in mississippi. yes, there was an excited welcoming home committee on hand when kate thornton rereturned where she had the landmark surgery. nine grandchildren, seven of them born after she lost her sight. she is the first patient to have the procedure in the u.s. now doctors fashioned one of her teeth into a mem brain graft and it allows her to see for first time in nine years. she will be back in miami for a checkup in a couple of weeks. >>> when you surf the internet it's safe to say you want to surf the whole internet. federal regulators are preparing new rules to make sure you can do that. the chairman of the sec will unveil them on monday. the proposals will prohibit internet service providers including wireless companies from blocking or slowing down access to selected online content. for example, if a cable company offers internet service, it won't be allowed to block websites that provide video of the programming on its tv channels. the telecommun

they're pricing in a much smarter, morrow bust advance right now than the bond market is. beal see who's right, scott. >> isn't it true, david, that the consumer doesn't necessarily have to be there at the beginning of the recovery? can't the consumer come in a little bit later and isn't that traditionally happens anyway? >> they better come in over the holidays. >> you have the traditionally, the united states of america, your recession has been manufacturing, autos and housing. today, manufacturing is a less important part of the economy. you used to have 18 million workers, now you've got 11 million people in manufacturing, okay? it's less important. the cash for clunkers helped a little bit on the short-term basis. and housing has started to turn up. and traditionally, the powerhouse underlying driver has been the consumer, who's been there through thick and thing. they didn't really cut back. this time they have. you saw the july credit numbers, minus $21 billion. okay? wall street was expecting minus $4 billion. that is consumer credit. people are still in a hibernat

newshour wh jim lehrer is provided by: ♪ ( rd rock guitar riff playing >> we are intel, sponsors of morrowchevron thnational science foundation. supporting educatn and research ross all fields of science and engineering. and with the ongog support of thesinstitutions and undations. and... this program was me possible by theorporation for plic broadcasting. and by contributions to yo pbs station fromiewers like you. thank you. >> ifill: key u.s. senator in theealth care debate rolled out hireform bill today. it quickly found criticsn both sides of t aisle. newshour health corrpondent betty anbowser has our lead story report. >> reporter: aftea summer of public wrangling and private negottions, senate finance committee chairman max ucus unvled his health care bill this afternoon. it came with a 1year price tag of856 billion. >> it represents an efforto reach common ground and a re chance for healtcare reform. and iis balanced, a common- sense bill, that can pass t senate. achieving real reform mea that we need thold the insurance industry accountable. and that's why we're prenting this packa

and we have got this incident in morrow, georgia.ing to put the two together and ask the question, what's going on in this country as it per feigns to race? stay there. s slacker hip-hop. ♪ that can strain your relationships and hurt yourody 'cause ru'pride ♪ng a ride ♪ ♪ it's the credit roller coaster ♪ ♪ and as you can see it kinda bites! ♪ ♪ so sing the lyrics with me: ♪ when your debt goes up your score goes down ♪ ♪ when you pay a little off it goes the other way 'round ♪ ♪ it's just the same for everybody, every boy and girl ♪ ♪ the credit roller coaster makes you wanna hurl ♪ ♪ so throw your hands in the air, and wave 'em around ♪ ♪ like a wanna-be frat boy trying to get down ♪ ♪ then bring 'em right back to where your laptop's at... ♪ ♪ log on to free credit report dot com - stat! ♪ vo: free credit score and report with enrollment in triple advantage. is. >>> welcome back. i'm rick sanchez. one week after fast becoming the most famous heckling of a president under the capitol dome or infamous, depending on your perspective, s

jeff morrow, thank you for bringing that to us. >>> that is secretary of state hillary clinton ringing this morning. a big week for secretary clinton who is in new york for the u.n. general assembly and kicks off the week by meeting with a host of dignitaries and participating in a dialogue with japan and australia. >>> president obama is on his way to new york city. before stepping on to the international stage he is tackling domestic issues and start in upstate new york and any minute now he and dr. jill biden will tour a college. mike viqueira is covering it up a. president obama the first sitting president to visit troy, new york, since dwight eisenhow eisenhower? >> i didn't know that. >> i didn't either. why troy? >> the hudson valley community college is there and he wants to talk about his innovation agenda and after he speaks there, he is going down to new york city and before he makes speeches and has important meetings with many of the world's leaders, he is going near times square to the ed sullivan theater and tape the david letterman show and appear on that tonight and pa

newshour w jim lehrer is provided b ( rd rock guitar riff playing ) ♪ >> we are intel sponsors of morrow> a by bnsf railway. sloan foundation. supporting science, technogy, and improvedconomic performce and financial teracy in the 21st century. and, this ogram was made psible by the corporation for public broadcastin and by contbutions to your pbs station from viewers likeou. thank you. captioning sponsor by macneil/lehr productions captioned by media access group at wgb access.wgbh.or

jeff morrow reporting from powder springs, georgia. >> we'll keep our eye on the attention and when welp avoid failure in afghanistan. confronting president obama. >> also the gop faithful put their faith in mike huckabee. what they say about their party. >>> and the season of the political tell-always. new books selling secrets about the country's most powerful depositions. you're watching "the big picture" on msnbc. tdd# 1-800-345-2550 yeah, i know what you mean... tdd# 1-800-345-2550 when my broker said, "i make money when you make money," tdd# 1-800-345-2550 he neglected to mention tdd# 1-800-345-2550 he also makes money when i lose money, tdd# 1-800-345-2550 withdraw money or do nothing with my money. tdd# 1-800-345-2550 tdd# 1-800-345-2550 what is goin' on ? i got my subaru for the confidence of all-wheel drive. my friends thought that was smart... ( hip music pumping ) my new friends think there's something more. feel the love. into an incredibly strong, healthy cat.he has blossomed... his coat is incredibly shiny and soft and very thick. everybody thinks he's the most handsome

i mean, things have gotten morrow pamore opaque, not more transparent. we've taken a step backward.utions become bigger. >> my eyebrow went up when he said yeah we think the worst is probably over, considering the record quarter. it sounded kind of -- not that i'm -- i want goldman to make a lot of money. i want financial firms not to be in the position they were a year ago. i'm not saying it's a bad thing, but sounded kind of funny. we're dealing as best we can with the hand we're dealt. >> challenging environment? >> $4 billion or whatever. >> i want to give you a chance to mention, a new website is going up. is it today? >> yeah, last night or today. >> what is it called? >> hedge fund facts.org. we also have financialdetectives.org, coalition five investment companies, hedge fund advocacy group i head up. they both have gone up to dispel some common misconceptions about short selling, specifically, there were so many misconceptions last year into this year and more broadly about hedge funds. and what they are, what they aren't, why they weren't a big part of the crisis. >> are y

like you said, on the jim morrow show, that it might be the anger.rugs and money into it. and -- >>> drugs and money? >> yes. because she is making money at it. listen to this. if you take a couple of pages out of the book that she refers to john and allegations she has against john, that book would have never been sold. >> well, yeah, of course. the reason it's a best seller is she's saying she had sex with her famous father, and he shot her up, and he incested her. these are horrifying claims. >> and john cannot defend himself. that's why i'm on the phone with you. i want to defend him, speak for him. i know john was -- >> how long were you married to him? >> i was married to john for six years, and he was sober for like five and a half years out of it. and he was -- he loved his family. he would do anything possible. >> was he a drug addict and alcoholic? >> when i was married to him, no. >> but previous to that? in other words, he sobered up? what years were you married to him? >> i was married to him from 1995 up until 2001 when he passed. and h

of racism -- there's a macroversion that we're beating on today, is the story that's going on in morrowre is a woman who says she was leaving a restaurant, and what i was doing now is going through the police report once again because she's going to come this and talk to me. she's very nervous about doing this, but the police say and now the fbi seems to be intimating as well. while she was leaving the restaurant, a black female as she referred to in the police report, was beaten up by a 47-year-old man who beat her and kicked her and called her racial slurs for no apparent reason. >> in the view of her child. >> and her child was there, in fact the whole thing was about the kid trying to get out and the man pushing a door, which can happen at any time, so it wasn't a big deal, but it's what happened afterward, and this thing is blowing up on the internet, myspace, twitter, social media. >> we are looking forward to that. now just certain minutes away. >>> plus we know, rick and everyone else has been covering this story here on cnn and a.c.o.r.n. employee caught on tape with a whole lo

it happened at a cracker barrel restaurant in morrow, georgia south of atlanta.ice say after she asked this man to be more careful while opening the restaurant door he went off, punching and kicking her while yelling racial slurs. >> clearly a shocking incident to where a man that's twice the size of this female beats her down in front of the child. >> that really bothers me she had to see that so i want justice served. i don't want him to -- i don't want him to do this to anybody else. >> the man is charged with battery and disorderly conduct as well as cruelty to children. there is surveillance video of this aatlantic but it has been handed over to the fbi. not released yet. >>> federal agents break up a drug smuggling ring that was allegedly using airline employees to move cocaine into the united states through puerto rico. nine american airlines employees are among the 23 people arrested. they are accused of bringing in more than 9 tons of drugs over the past ten years. investigators say baggage handlers and members of the ground crew carried suit cases stuff

our thanks to chris morrow for a great i-report.r her car went off a cliff. she survived but with 11 broken ribs, seven broken vertebrae and a punctured lung. it rain, hailed and even snowed. >> she had no clothing basically on, no protection, no nothing. >> there's mountain lions, bears, all kinds of stuff roaming around up here. i don't know how she didn't get mauled or something. and she's got a hell of a will to live. >> somehow cynthia managed to crawl towards an old gold mine. she heard voices and started yelling. she was rescued when somebody conducting a tour in the mine heard her cries. the accident occurred when she swerved to avoid a deer. >>> are you trying to save for a rainy day? you can get higher returns for your savings now. clark howard is here to tell you where to find the best rates. >> are you a sitting duck? you know what i mean by that. you hang out with the bank you've been using. they're offering you a worse and worse and worse deal. the fees they charge you on the checking account the deals get more and mor

i want to get to the weather channel's jeff morrow in powder springs, georgia.ain has stopped here. i tell you, i have lived in there area almost 25 years and never seen it rain and i've talked to a lot of people been here longer than i have and never seen the water get this high. we're going to pan over here and show you this is a ball field at powder springs park and all of the ball fields, they are not playing here any time soon. the dugout is under water. you can see the top of it over there and other buildings where water is just about up to the roof line and if we pan slowly all the way over here, you can see some of the water around the trees and up to a lot of the signs. then we'll show you the water gushing over the roadways down here. this road is closed. powder springs creek is way out of its banks. again, like nobody has ever seen and really kind of gushing over the roadway. this is one roadway in powder springs and this is just one of many around the georgia area that is closed. so, yeah, you mentioned some swift water rescues. not right where i am

probably govern for a two to four-year period and one of whose central tasks will be organizing a morrowext time, which will require an inquiry into what went wrong, one of which will be a census. >> does that run the risk of creating a perception that the international community is making the determination about the future of the afghanistan and sort of erasing the elections, even recognizing that the elections might be flawed? >> i think that option would only be possible if the ecc which is a domestic afghan institution, would first rule that either one of the -- one or more of the candidates, the process or a certain number of ballots were invalid. it would have to rest on that domestic determination. then a lot of care would have to be taken to ensure that the process moved forward in accordance with the afghan constitution. and there are provisions within the constitution that would allow that to take place. >> thank you for that clarification. dr. husseini, this question is both for you and dr. lockhart, i think. i, like senator webb, very much appreciate your books and think they

like you said, on the jim morrow show, that it might be the anger.-- >>> drugs and money? >> yes. because she is making money at it. listen to this. if you take a couple of pages out of the book that she refers to john and allegations she has against john, that book would have never been sold. >> well, yeah, of course. the reason it's a best seller is she's saying she had sex with her famous father, and he shot her up, and he incested her. these are horrifying claims. >> and john cannot defend himself. that's why i'm on the phone with you. i want to defend him, speak for him. i know john was -- >> how long were you married to him? >> i was married to john for six years, and he was sober for like five and a half years out of it. and he was -- he loved his family. he would do anything possible. >> was he a drug addict and alcoholic? >> when i was married to him, no. >> but previous to that? in other words, he sobered up? what years were you married to him? >> i was married to him from 1995 up until 2001 when he passed. and he was -- >> so he finally go

we need morrow bust, stronger, more aimpressive actions by our intelligence agencies to find these plots and find these actions before they happen. and now we have the cia being investigated, while guantanamo debates are going to be released. so if the cia has to look over their shoulder at our own justice dcht while they're trying to find out what attacks might be plotting out there against us, i don't think we can say we were at safe as we were six months ago. >> is there a sense that there could be checks and values. we have a special court that the executive has to go to before they can get certain actions. so we need checks and balances. we always need to make sure we monitor and improve those balances if they're not strong enough, but i think investigating the cia jeopardizes our security. i think releasing people from guantanamo when we know a number of them will rurp to the battlefield, that's not speculation or partisanism. we've seen that. we've seen that ham. so i am concerned. >> you saw the picture of khalid sheikh mohammed yesterday? >> yeah. >> yeah. it's art to although a

. >> margaret, do you think she needs to order a cease and desist saying "no morrow man take comediesangelina and i have stretched this out. we should see jen expand her brand and go for roll that will aren't typical of the rolls she's taken in the past. >> and a boemg she will confession that she was a victim of racism. she made the cham on an interview that just aired on layer rift king live '. larry asked tyra if she was ever treated differently than because of the color of your skin? >> did you ever feel in your life, looked down upon because i don't have your color? >> most definitely. >> that's the state of things. it makes me stronger. it makes me stronger and makes me open up my arms with love as opposed to feeling angry about it. >> you faced it in modeling, didn't you? >> every single day of my modeling career i was told that because of the color of might have skin. every day. even as one of the top sturp models i heard that. >> i find it really disturbing that tyra banks dealt with this tloutd her career. does it surprise you that this would keep happening even after she wa

morrow i went to work for cbs in 1948. famous years -- the start of his most famous years. one organization after another would present him with some kind of award or another. one of the good things about giving him an award was that he always liked it. he was appreciative when someone gave him something. he was one of the few people i knew that had worn out three tuxedos getting awards. he would have loved to be here now, to hear this -- to hear ross all say -- to hear us all say good things about him. walter cronkite called me after i made some remarks that i should not have made and said that he would like to use whatever residual good he had by being seen at dinner with me that night. i saw walter all the time. he joined me in 1977 -- in 1976 for a documentary i was doing. i modestly named mr. rooney goes to dinner. >> my friend is a smorgasbord expert. >> this is a danish something. >> in other words you go back a minimum of three times? >> i think so, yes. i think the average guy would. >> in the restaurant you go to

probably govern for a two to four-year period and one of whose central tasks will be organizing a morrow bust set of elections next time, which will require an inquiry into what went wrong, one of which will be a census. >> does that run the risk of creating a perception that the international community is making the determination about the future of the afghanistan and sort of erasing the elections, even recognizing that the elections might be flawed? >> i think that option would only be possible if the ecc which is a domestic afghan institution, would first rule that either one of the -- one or more of the candidates, the process or a certain number of ballots were invalid. it would have to rest on that domestic determination. then a lot of care would have to be taken to ensure that the process moved forward in accordance with the afghan constitution. and there are provisions within the constitution that would allow that to take place. >> thank you for that clarification. dr. husseini, this question is both for you and dr. lockhart, i think. i, like senator webb, very much appreciate y