it's co-author, william donaldson, says a systemic risk regulator is needed now and it shouldn't be the federal reserve. >> they were buying a corpse when they thought they were buying a baby. >> jeff: he's talking about scams touting money making opportunities in the worthless shares of old g.m. coming up, an investor alert. >> susie: tonight's street critique guest says wal-mart's not the only retailer cashing in on the recession. he's patrick o'hare, chief market analyst at briefing.com. >> jeff: then, it looks like more people are paying their credit cards on time. american express and capital one both report delinquencies are down. the news helped stocks surge as the dow added over 250 points. >> susie: i'm susie gharib. >> jeff: and i'm jeff yastine. paul kangas is off tonight. this is "nightly business report" for wednesday, july 15. "nightly business report" is made possible by: this program was made possible by contributions to your pbs station from viewers like you. thank you. >> susie: good evening everyone. >> jeff: no alikely hood of support over the near term. end quote. t

it co-author, william donaldson, ss a systemic risk gulator is needed now and it ouldn't be the federal reserve. >> they were buying corpse when they thought they were buying a bab >> jeff: he's talking abt scams touting moy making opportunities in the worless shares oold g.m. mingp, an investor alert. >> susie: tonight's stet critique guest says wal-ma's not e only retailer cashing in on the recession. he'satrick o'hare, chief market analy at briefing.com. >> jeff: then, ilooks like moreeople are paying their credit cards on me. americ express and capital one both report delinquencieare wn. the newselped stocks surge as the dow addeover 250 points. >> susie: i'm susie ghib. >> jeff: and i'meff yastine. paul kangas is off tight.

it's cauthor, william donaldson, says systemic risk regutor is needed now and it shouldn't be the federal reserve. >> they were buyina corpse wh they thought they were

william donaldson and arthur leavitt, donaldson a republican, and levity it a democrat.ling for a systemic regulator, a new one. do you believe in that? >> i'll listen to what they have to say, i did see a letter to make that call, and i'm looking into that proposal, also. i think that the key here is to make sure that we get it right, so that we don't have this problem again. the problem that we have is many consumers, unfortunately, my district, number one in new york, and they want some protection from foreclosures, and we want to make sure we keep our end on this. i think it's important for new york to make sure that the financing institution is well, because it's important for new york, it's important for our government and our nation as a whole. and so we've got to make sure that we have new regulation that works and helps protect the financial institution, as well as the consumers. >> representative bachmann, what do you think about that?t? do you think it should be an independent body? >> well, one thing i want to make sure is we don't separate safety and soundne

to attack the president's plan to give the feds large power over financial groups, including william donaldsonth representatives of black rock and mason. issuing a report calling for the creation of an independent body across the financial sector and argues that letting the fed regulate all of those large financial groups would detract from its focus on monetary policy. donaldson and calper's chief investment officer will be joining us. >>> a full committee mark-up on america's affordable choice health act tomorrow. the minority whip joins us, where to begin congressman. the time says that house democrats are jubilant in their words and i guess the question will be what republicans are going to do about this. >> well, it is astounding this bill, everybody wants to do something to help health care reform alone, but this is nothing but a job-killing, tax-raising measure that will actually take away the quality of care we've been used to. and in a recession narrow time we're in will kill jobs. it doesn't make any sense. we're going to try to raise these issue, try and improve this bill, but certa