company. >> tom: a couple of big banks >> tom: a couple of big banks turned in stronger than expected first quarters. morgan stanley saw big gains in its bond and investment banking business, helping it report much better than expected earnings. but these results exclude a $2 billion charge due to the lower value of its debt. bank of america's first quarter was twice as good as wall street analysts were anticipating, earning 24 cents per share. similar to morgan stanley, b-of-a took an accounting charge related to its debt. while bank of america's bond and commodity trading business picked up, its core consumer banking business saw a double- digit drop in revenue and bad mortgages increased. a centerpiece of the government's response to all the bad mortgages and other debts owned by banks has been to come up with a way to wind down a troubled bank without bringing down the whole economy. stephen lubben is a law professor at seton hall university. joining us, professor, you looked at how the new regulations would handle a situation if a big bank like bank of america were to fail. are r

with us tonight from the new york-- welcome to the program, nice to see you. >> thank you, tom. >> tom: so is there anything wrong with the government help that is in the market and has helped push this rally to post session highs? >> you know, i think most economist was say no there's nothing wrong. in fact, that was the government's job to step in where the private sector had stepped out. but i think where we are today is after a lot of stimulus, a broad expansion of central bank balance sheet, in the just in the u.s. but globally, we're starting to wonder how long can that stimulus last and how will the government take itself out. >> tom: so with that ahead of us are you recommending selling stocks, peeling back some of the profits that we've seen in the market? >> well, our concerns stem from kind of two things right now. one is as i indicated earlier longer term how does the government take itself out. right now it's a large measure of consumer spending and we're looking at somewhere between 5 to 7% in terms of the consumption basket being driven by government spending. and i thin

i'm neale godfrey. >> tom: that's "nightly business report" for thursday, april 12. i'm tom hudson. goodnight, everyone. we hope to see all of you again tomorrow night. "nightly business report" is made possible by: captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org

i don't own anything directly. >> tom: all right, jim oberweis, in chicago tonight, thanks, jim. >> tom: do you remember bake sales? now they've gone online and lost the baking altogether. many non-profit organizations are turning to social media to raise money, sometimes from donors thousands of miles away. we continue our look this week at crowd-funding with erika miller on how one social media site is changing the school fundraiser. >> reporter: like many private middle schools, saint ignatius has a rigorous curriculum, and the kids score well on standardized tests. >> on the asset value, which is good. >> reporter: but unlike others, this school is tuition-free, and there's a teacher for every six students. and there's something even more remarkable. >> this area is the poorest aref of all 435 congressional districts in the country. so, we believe in giving our students the best of what they deserve. >> reporter: three of the ten teachers here are paid for by americorps, the government service organization. to raise money for teachers, americorps has expanded beyond traditional fund

tom? >> tom: the today show brings in hundreds of millions of dollars for comcast, and abc -- >> susie: that's "nightly business report" for wednesday, april 4. i'm susie gharib. good night, everyone. and good night to you, too, tom. >> tom: good night, susie. i'm tom hudson. good night, everyone. we hope to see all of you again tomorrow night. "nightly business report" is made possible by: captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org

always great to see you. >> good to be with you, tom. >> tom: what is perception here? the european economy is in recession, the u.s. economy is slowing down. if that is perception, what is your reality? >> i think what's interesting is we see perception move around quite a bit. you don't have to go back that far to late last summer, when perception was have, very poor. subsequently improved a little bit, we've seen equitieseraly and now we're stalling out a little bit coming back to the the realization that things are relatively modest or slower growth in the u.s. and, yes, europe still has some tremendous challenges. >> tom: do you think we're seeing a repeat this spring of last spring and that could mean significantly lower stock prices. >> i think it's important, also, to recognize and acknowledge that we actually have made quite a bit of progress as well. so-- and over the subsequent period of time, countries have continued to perform very well. profits have stayed relatively high. balance sheets continue to improve. so while, yes, challenges still exist, we are ma

this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: >> tom: good evening, and thanks for joining us. susie is off tonight. we begin with earnings from big technology companies. the tech industry has been a source of strong business growth, but lackluster results la night fm i.b.m. and intel bruised investor sentiment, at least for today. the dow industrials, which includes both i.b.m. and intel, was down 82 points, the nasdaq off 11 and the s&p down five. now, as earning season rolls on, after-hours attention turned to a couple of other technology heavyweights, qualcomm and ebay. we have a pair of analysts to make heads and tails of the numbers. andrew tner and joe magyer, analysts at the motley fool with us tonight. andrew, let's begin with qaulcomm, earnings were pretty decent. but we did see some selling pressure after the closing bell. what did you make of the results first of all? >> i thought largely they were great results, i thought the quarter was outstanding and we saw around 30%

tom. >> tom: we've found several young entrepreneurs, susie, who are doing well by doing good. but it's a strategy not just for start-ups. from giant chains found on every corner to socially responsible investing funds, tonight we profile companies embracing the dual goals of "conscious capital." >> susie: we begin in northwest indiana at a company that buys and sells used books and donates a portion of its profits to literacy projects. diane eastabrook reports. >> reporter: better world books is an orphanage of sorts for used books. they come into the company's mishaiwaka indiana warehouse by the hundreds where they get sorted, recycled, re-sold or donated to charity. better world's shelves are crammed with some four million hard covers and paperbacks with nearly 2.5 million unique titles. >> right here we're looking at a book understanding nutrition that could have come in from the university of nebraska or who knows where. and it's right next to a book about donald rumsfeld, yep it's a completely random put away. >> reporter: kreece fuchs is one of better world's three co- f

>> all four of them we do, yes, tom. >> tom: there it is on the friday 13th edition of the market monitor. chuck carlson tonight with verizon investment services. and finally tonight, pay attention to the little things and you might just find the next big thing. author and educator lou heckler explains in tonight's "lou's been thinking." >> i've been thinking about sanibel shells. i lived in southwest florida for almost 20 years and one of my favorite things to do was to go to sanibel island and look for shells. people come from all over the world and you can find some fabulous shells if your timing is right. the best time? low tide and especially after a storm has stirred up the waves. early one morning i got up before the sun, determined to beat all the other shell-seekers to the best ones. i raced onto the beach only to find two women already there. i sprinted past them and got to a strand of beach where no one had yet searched that morning. sure enough, i found two or three beauties to add to my collection. as i was leaving, i noticed the two ladies each had gallon plastic bags filled

>> we'd be long goldman sachs. >> tom: thank you.the extraordinary nairp fred cannon. >> >> susie: and still ahead, much of the country seeing warmer weather than normal, and summer retail sales getting off to an early start. >> today was the first trading day since the chinese government announced a big change over the weekend. it was loosening up control over the kurntiony. the chinese yuan fell in value against the american dollar. darren girsh reports that's corrects a strong message to us. >> reporter: for years, many criticized the chinese trade policy, and the yuan is massively undervalued. 20 to 30% too cheap against the dollar if not more. so when the chinese market gave the market more flexibility to set the exchange rate, it's worth noting that the yuan actually got cheaper. >> i think they're just saying you know what? there's two way risks, don't count on us to deappreciate the currency. >> it's where the chinese government thinks it should be, especially considering growth is slowing. >> the fact of their monetary polic

>> tom: the u.s. economy has cooled off, but it continues growing. >> now we're settling in to a more moderate growth phase. we think that will continue for quite some time here. >> susie: ford's profits downshifted in the first quarter, we'll look at what's dragging down the automaker. it's "nightly business report" for friday, april 27. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: captioning sponsored by wpbt >> tom: good evening and thanks for joining us. the u.s. economy is growing, but slowly. susie, the official numbers on the first quarter were released today, showing the economy grew at an annual pace of just 2.2%. >> susie: tom, it might not be robust. but optimists note at least the u.s. is growing and has not followed europe economies there have almost screeched to a halt. looking at the numbers, the gross domestic product or g.d.p. of 2.2% in the first quarter was slower than most estimates. most of the growth came from