nouriel, great to have you on the program. we appreciate it. nouriel roubini.ariel cohen, great to have you as well. we so appreciate your time on this really amazing story, which is obviously global. ariel cohen, nouriel roubini, thank you. we'll see you soon. the fight for health care reform is up next. president obama making another push for overhauling in the face of waning public support. we'll see if there's any real change and how that can take place before the end of next month. today there's a way to save more for retirement, with annuities from fidelity. turn your savings into income -- guaranteed, and get a retirement "paycheck" for life -- guaranteed. call... to get started, and learn how to secure retirement income that won't go down -- guaranteed. call fidelity at... for details about guaranteed income for life, and change the way you think about your retirement savings. >>> welcome back. credit markets showing signs of life. the latest positive is that the troubled lender cit has reached a $3 billion emergency financing with bondholders. is it to

tonight, we ask ecomics professor nouriel roubi where the econy is headed next. paul: what do gas masks and the credit crisis ve in common? coming u we introduce you to a new jersey compa that knows the swer. >> suzne: tonight's "street critique" guest says hd rather be in this mket than sitting the sidelines. he's david garrityprincipal at g.v. research. >> paul: i'm paul kangas >>uzanne: and i'm suzanne pratt. sue gharib is off tonight. this is nightly busine report for wedneay, july 22. "nightly business report is made possle by: v this pgram was made possible by contributions to yo pbs stion from viewers like you. thank you. >> suzanne: good ening everyone. president obama wi tell the nation tonight thahealth care refo is central to repairing the economy. if it fails, the psident warns ur insurance premiums and ou of pocket costs ll skyrocket. health care reform is boggg down in congre, and tonight's ne conference is part of an effort to get it bacon track. but as darren geh reports, the keunanswered question is still how to control sts. reporter: with negoti

hear from nouriel roubini at 4:00. there's the action and where the most heavily traded stocks are on wall street today. back in a moment. last month, this woman wasn't even able to get around inside of her own home. they chose mobility. and they chose the scooter store! if you or a loved one live with limited mobility call the scooter store! no other company will work harder to make you mobile or do more to guarantee your complete satisfaction. if we pre-qualify you for a new power chair or scooter and your claim isn't approved, the scooter store will give you your power chair or scooter free. that's our guarantee. they were so helpful and nice. they filed all the paperwork, and medicare and my insurance covered the cost. we can work directly with medicare or with your insurance company. we can even help with financing. if there's a way, we'll find it! so don't wait any longer, call the scooter store today. >>> welcome back. a lot of earnings out this week. i just want to read off a handful of names because over the n

eastern time headlines came out from nouriel roubini. and here's all they said.the worst is behind us in terms of economic and financial conditions. now, you might scratch your head and say you've got to be kidding me, we've got a rally on that? believe it or not, the dow jones industrial average has rallied essentially 100 points since that comment came out. so there's a clear relationship. we had particularly moves up in industrials, techs, and materials. and those are our leadership stocks right now. that's important.. but the biggest stock of the day actually happened earlier in the morning. it really had nothing to do with this. that is cit. you know the basic story of what's going on here. the government has essentially walked away from the possibility of bailing them out. bankruptcy is now a real possibility. so here's what's essentially happened. the government has decided that further investment is too risky. they've already got $2.3 billion into it. there was talk they would need 4 billion. i even heard $6 billion more the government walked away and dec

tonight, we ask econics ofessor nouriel roubinwhere the economis headed next. >>aul: what do gas masks and the credit crisis ha in common? coming up,e introduce you to a new jersey companyhat knows the aner. >> suzan: tonight's "street critique" guest says he'rather be in this mart than sitting onhe sidelines. he's david garrity, incipal at g.v.a.esearch. >> paul: i'm paul kangas. >> sanne: and i'm suzanne pratt. susigharib is off tonight. this is nightly business report for wednesd, july 22. "nightly business report" is made possib by: mi this progr was made possible by contributions to your p statiofrom viewers like you. thank you. >> suzanne: good eveng everyone. president obama willell the nation tonight that alth care reforms central to repairing the economy. if it fails, the predent warns yo insurance premiums and out of pocket costs wi skyrocket. health care reform is boggin down in congressand tonight's newsonference is part of an effort to get it back track. but as darren gersreports, the key answered question is still how to control cos. >> reporter:

nouriel roubini is still bearish. back to you. >> just a recap.he said nouriel roubini is still bearish. >> he's still short.t. >> that's a long short. >> axp and the options, we saw a lot of risk reversals, buy, sell, call, and the line in august. if you own stock you can buy -- finance it by placing a call and it locks in your stock in a certain range. very popular strategy. >> let's move on. you've been patient holding out for today's stock of the day. pete? give it to us. >> we're looking toward next week and talking about earnings and those coal names have been on fire. they did pull back but now you're starting to get a few more folks getting excited. if you're betting on the consumer at all over in the asian markets you've got to like somebody like this. their exposure to china and the asian markets is phenomenal. earnings are next week. i think they can still knock the cover off the ball though this week they've had a tremendous run. when you talk about electricity, thermal coal, metallurgic coal. >> they want copper, potash, and coal. if

doom, nouriel roubini, speaks and the market definitely moves higher. he says the worst looks to be over in terms of the u.s. economy. that sets up big things after the bell today.. tech led the way again today. seven straight up sessions for technology. google and ibm after the bell today there's only one place to get that number and analysis, and that's right here on "the closing bell" with maria, which is going to continue tomorrow. a huge day. bank of america, citi, and ge. the bell's going to ring, and then maria's going to pick you up. >>> and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to "the closing bell." i'm maria bartiromo on the floor of the new york stock exchange. busy day on wall street today. gains across the board for the most part. stocks rallying here. let's tell what you we're following at the close today.y. comments today by long-time bear nouriel roubini from nyu. he says "the worst is behind us." this from dr. doom? the recession will end this year, he said. he's known for predicting th

doom himself, nouriel roubini lighting a fire under the market late in the day. the dow is down by at least 22 points in fair value. tech has been the standout. i think technology had something like a seven-day run here so that gives you an idea of the strength. ibm after the bell yesterday and google after the bell with decent results, too. s&p 500 is nearly flat. taking a look at the ten-year treasury, the yield fell after a run yesterday, 3.535%. and gold today is trading -- take a look here at the gold market, $935.75 an ounce there, basically a flat move, christine. >> okay, scott. joining us for the latest on the indonesian bomb blast, we have on the line our correspondent time asia live on the line from jakarta. jason, what's the latest you can tell us? who do we know is behind the bombing? >> it's still early to tell who is behind this. hezbollah just came on television about 15 minutes ago and gave a very emotional speech. he did say that -- it's a very interesting -- not exactly evasion, but they're pointing the fingers at possibly rivals, basically say

nouriel roubini said we need another $250 billion in stimulus.rren buffett said we may need more. do we need more and how much? mort. >> i think we need another dramatically large stimulus program and we should be preparing for that immediately.. this economy is still heading south and the risks still on the down side are so great we'd better have contingency plans in case the unemployment numbers and the housing numbers continue to go south, and we are going to be in a lot of difficulty without an effective contingency program. >> mort, thank you. lou? >> well, i agree. i think that the labor market is in such a state of disarray that something needs to be done. however, i don't think that they will come through with a stimulus program that helps the labor market anytime soon. >> all right. well, thank you very much to both of you. appreciate it. appreciate the conversation. and obviously, the hearing has just wrapped up there. you just heard the final comment. while it was going on, a couple headlines on the market. nasdaq moving up seven days

here's the biggest surprise of the day, nouriel robouni, the biggest doomsayer in 2006 was quoted today saying the worst is behind us, get ready to get out your party hats. then roubini hours later renegs, says hey, i was taken out of context, he's still selling the doom. not a problem there, we have plenty other upbeat notes. jobless claims came in much better than expected. new claims plunged by almost 50,000 from the week before. still at a high, but way less than expected.. this looks at how much jobless claims are up from the week before. you see in june, they were getting up, they were up above. suddenly, they start to go down, look at this baby, each week, the decline from the week before is getting deeper and deeper still. it shows you the worst of the jobless problem may be over. job losses are on the wane. go past that. we got that up. good. another point. this should be the jpmorgan earnings chart. net income, 2$2.7 billion in a single quarter. that's like ten times what wall street was expecting this company to earn. a year ago, $2 billion. when's the last time we saw any ba