a isis in the ountry's pperty market has aggravated the effectsof a g recessi. spain's construction indusy was a maynetay of the country's econy. but hundredsof tousands of ilding workers have been let go as a result, unemploymen have exploded to 17.4% of t work rce in two years. a recrd for a eu contry. madrid also has a smulus package aimed at fix-starting the economy. thepanish plan includes a public building program to aid the construction industry. but the intention is th the package shld also hlp put the rest of spain's ecomy on a firmooting. >> translator: in theong term, we hav to make sure the package encourages strong growth i spain. that will hapn if the stulus prram, not only encourages hou building but also invests in infrastructurefor example. reporter: in the short te, however, the outlook is bleak. forecasts say spain'sconomy will continue shrinking. in latviaass protests the ecomy is forecas to contractp to 15%. t country is on the verge of bankruptcy. its foreign debt hav more than tr since2007. and now standst 30.4% of gdp. but instead of stim

worriegovernment debt and higher energprices will stifle a covery, producing the dreaded double-dip recessi. that makesim a "w". mark zandif moody'seconomyom is also a "u," but he doesn' see us enterinthe upward leg until 2011. if you find all thisonfusing, you are not alone. mcalden says part of the problem is how you phre the question. >> ihink some of the debate that's out there abo what letter is apopriate may circle ound what we're talking abou i thk industrial production is gointo have a v-type bottom. i think corporate profits e going to turn around shaly and g.d.p. will pick up. jo will lag-- they usually do in an economic recery. if you measure by jo, it will a long drawn-out process. >> reporter: so,l", "u", "w" or "v"-- sometimes, forecaing the onomy is like playing scrabble. scott gurvey"nightly business report," new york. how did that " get in here? >> paul: profit-takers tk command on wall reet at the outset in the wake of yesterday's big rally. the techaden nasdaq was rdest hit due to disappointi results from microso and amazon.com thursday. 30 minutes into tradg, the dow pos

but as the recessi lingers on we'rwaking up to a new normal for consumer spendin jeff: then we head out for house call with ctor de-young. he's part of a home healthare program that saving medicare llions of dollars. >> suzanne: m suzanne pratt. jeff: and i'm jeff yastine. this is "nightly biness report" fothursday, july 30. "nhtly business report" is made possible by: this progr was made possible by contributions to yourbs station from viewers like u. thank you. 7//& >> suzanne: good evening everyone. health care rerm won't come up for a vo in congress until the fall. but that didn't stop the wrangling on capitolill today. house demoats pushed ahead with negotiatis trying to get the measure out committee before leaving for smer recess tomorr. house leader nancy pelosi ga her fellow democts talking points to take back their constituents tellinghem health insurae companies must be held accountable. >> we want a strong publ option in the leslation. insurance companies are ou there in fl force carpet bombing, shocknd awe against a blic option. so much so that when yousk people abo the plan

. >> jeff: developed couries are expeed to lose nearly 30 million jobs by the time t global recessi is over. that prediction cameoday from the organizati for economic cooperation and devepment. it's a gup of 30 countries working together to fight poverty. many experts think thelobal economy will rover next year, despithigh unemployment. >> susiehere's a look at at's happening tomorrow: the june reportsor consumer prices a industrial production are releed, as well as the weekly rept on crude oil and gasoline inventories. also, quarterlresults from american airlines pare, a.m.r. tonight's commtator has a few thoughts on what he calls "t washington way." he's allan slo, senior editor at large at "fortune". >> tre are simple, straightforward, and honesways to do things; then, there'the washington w. considerhe way washington is trying to reduce gasoline age and carbon dioxi emissions. the easiest, most straightforward and host way to do this would be toax gasoline and cbon emissions. that way, people wouldee what things cost,nd could make inteigent decisions on what to buy and use. and the

i think the other sector that mit benefit ase eventlly come outf this recessi will be technology because technology n be very nimble. it's abo efficiencs. 's not expensi the wayor a company is it might to y ne plant and equipnts to try to have financing and the technology compani themselves dot have to go to abank and borrow in th same way, let's say, a utility s to. >> paul: so the tech stocks not cash intensive, iother words. >> absolutely. so that's a nice area go for. and i real think it's imrtant to be careful of the energy sector, energy seices, and even health care, whe a lot of my expert friends are saying-- , "oh, that is whe yo neeto be." >>aul: very good. hilaryhanks for joining us again. >> paul, thank you so much. >> paul: my guest hilary kramer ofreentech research. >> suzne: tomorrow, the doctor is out on house call. we profile a medare program saving mon through home care. >> suzanne: bernard maff's wife may soon find herlf in urt. ruth madf is being sued for $45 miion by the trustee seeking to recover her husnd's assets. s. madoff isn't accused of knowing about her husban

donohapaido p up thoands of bill board acro the cntry with messages, intend to li ople irits.messag like "recessi 101, inresting fact aut recessions -they end." >>> re in neyo, presidt ama hagive his mos comprensivspee on th subjof race since s ecti. speang tgatherg for the 10anniveary of tnaac the president said t paiof scmiti still existsn america. he won tsay at whihe gont has duty toromote equality, didualmu take responsilityor the lis. >>e need aew mind a w set attitud. because on t most durle and destrucveegacsf discriminaon is e way we' inrnalized aen o litahow soany inurmuni haveomto expt sotle. fr the world arom thselves. wee gotoay to our childrenye if ye afrin-american, the are growing up arime andgs gher. yes,f u live i pr igorodu wi face challenghat mebo in wealthsurb ds not have to . but th's not are rto g d grad. that's neason to cut clas 's not a reason tgive up on your educandp out ofchool no oneastten ur dny forou. your destiny is i yourhands. you cannforg that. that what h teach all ofur cldren. noexcuses. also meanslinghildreo set their sits aite bit hier. they might thiheve g

v br and great brands andl.ó recessi, you'll find that pretty much at every major recession throughoutory, the brands that have invested in their guestg2u experience and invested in increased market activity have gained market share and they've come out of the recovery much stronger brands and they've really led their segment as a result. so in many ways it's an ideal time to invest in our brand. and we're already stealing market share. we see dramatic gains versus our key competitors. >> we like this positioning in this mid-scale segment. it's the largest and most dynamic segment in the business. doing it now is very important. because the new product and the consistency is really the most important driver in customer satisfaction. >> we'll leave it there. >> thank you very much. >> thank you so much. >>> up next on "the wall street journal report," a look at the news this week that will have an impact on your money. >>> then, was a $25 million fixer-upper linked to a presidential scandal? for car e that isn't going to break the bank. you're in the right place. only progressive gives

. >> reporter:or one copany, at least the recessi is denitely over. like most businesses,he wind screenpecialist au glass was hit by the acute ownturn at the start of the year. bu they've bounced back. hiring more th 0 peoplever the past fmonths. >> well, it's been an interesting six months fors afterairly slow startf the ear, which reflectedhat was happening in the general ecomy and articularly the tomotive trade. we've had a ally much better, muc healthier few monthsin the summer. stimulated by a lot of the work that we've been doing on our brand. >> repter: their sales' pitch is recession-friendly, fix the crack in your wind screen early, they say, and you don't have to eplace the whole thing lat on. but those less adapted tohard timesaven't fared so wel the enomic output fell by near 3.8%. lot worse an economists had been pecting. the average estimateas -- but is still a bigmprovement on the first quarter of the year wch output fell 2.4%. the worst fige since 1958. ecomists werexpecting a better number tis qrter because business survey suggesting

you and yourembers go home for the august rece, many americans,f course, still wondering when the recessi is ing to feel like it's coming to an end. unemploymt is high. incasing criticism of the stimulus package. people inting out, we, there are three million mre americans out ofork thathere were when e stimulus wasassed. what do you and others-- otr democrats it is hav to say to the american people. >> will say this. i willay what republican economits have said. withouthe stimulus package we woulhave many more people out of rk now. now, if you don't have a job, that's no consotion. but the fact is that the recove package is just actly that. it has stoppedthe freefa that we are in. there are many indicators that the ecomy xh i is turning around now unemployment is the lagging indicator that the jobs show up last but we have to, i believe, be moreggressive in getting out our recovery money. but it's a time capsule release. is at how you say it? time release capsule. and we have toet it out faster. but absent tat recovery pkage this country woulde much worse economic state. having said that

>> rose: the dollar falls suddenlyinterest rates go way up inflation, recessi, housingproblems all over again and so for. and that's the vulnerability. and this country has just t to learn to save mor which means the government not dissaving, and more rsonal savings. we just can't continue. >> rose: b in the mean tim we need a stimulus toet theconomy moving. >>hat's right. but think we nee to send a signal to the foreign lenders at we also are aware we ve a longer-term problem thatwe've got to move on. >> rose: okay,et me just talk about tt for a moment. because of your ow experien. for a number oyears you were on the boarof the sony corporatio, the japanese. ina hashe most arican debt. japan, i think, is second. >>econd. >> rose: wt do they tell you, becse there was a time, the last moh in which one of the chine officials said we have so concern about america's future because othe economic crisis. precisely. >> swhat are they sing to y now,what signal would say to them weave to pull back. >> i had seniorhinese ficial that i have known for 30 years. ll me the other day and say he wanted

prevented a a overaul financial collllap,, b in nuary we were h hded into a popoteiaiay very deepp recessis a deeper cecession, if not a depression, anandhat thedministration did has cut the ratef job lo,, ani think, you knkn,, we ought to look at where it't' going to be nexext september. in nexteptember people think things are recoveveri,, t republican party will payy hehey y pre for its attitude. >> the prerededentas warned that too much of thehe stimuluss bll wod d nostill vsh, that it woululd tt ld to jobshahat, i was t typalalork barreltuff that the cgress wanteded we chohoseotot to fight with congress.. no in fairness, hwawa trying to prevent a worldld e enomic cocoapse, butnnaking this huge bill that h had l lot o uff that wasn't shovel-r-rea,, he r rkeked ying the price that hehes paying f fornow. at the jobs aren't ming. >>>> wveveone from t the euphor ofeses w can to the d dee worry can wefford th.. >> reagan went throughhis inn 1981, and,d, ict, hispproval rangngby the way, at thiss tee s s extly the same as obama'ss is day. >> a a unempmploenentent to11 prprz 1982. >> republican

it's eveven rere dficultnn the cocoexext of a g gbabal recessi whwhh h i ink dsdso the fears ththatomehow theears w wl affect gbal economic owth.. wewe can eitherhahape our futur w we n let events shape it t for us. fallacack on ee stale debates and olddivisions oree cacan vivi too m mov forwardand memeet "t challenge" together.. it's clear from ththerogress todadawhwhic patathis preferabl anwhwhh p pat w have chosen. you know theprprobms we face arare dedey human beings. that means it't's ththinur capacici t to lve them. the question ishether we will ve the will to dso. whether we will summon the cocoure e anexercise leadership to chart a newcourse. at's theesespoibility of our neration and that must be e ou legacy. i lolookgg forward to beiei a strong partner.r. withth that, letee turn it o or toto kin who i think h h a significant annououncenenthat -- >> we will step aside beforor e ime minister gets stted.d. presidenent amam wrarappg g th g 88umummi that i if anything brbrout greater rethat stillll exist on climate, trtrad a a jump-statartg g theconomy withh the gg 8atatio and d delel