This program is 27 minutes long
(Studio: Peter Jennings) Surprise move by the Federal Reserve Board to cut key interest rates noted.
(New York: Betsy Stark) The reaction of the stock market to the rate cut in response to the slowing economy featured; details given of reports on factory production and construction spending. [INVESTOR, investment strategist Art HOGAN, economist Jim GLASSMAN - react to the rate change.]
(Studio: Peter Jennings) Report introduced.
(New York: Bob Jamieson) The impact of the interest rate cuts on banks, business spending and consumers examined. [Economist Bruce STEINBERG - says companies will now be more optimistic; suggests parts of the economy may respond faster than the usual six months.]
(Studio: Peter Jennings) Interview held with market analyst Todd Buchholz about the interest rate change. [BUCHHOLZ - says Federal Reserve Board chairman Alan Greenspan is haunted by the 1990 recession when he raised interest rates under the first President George Bush.]
(Austin: Terry Moran) The reaction of President-elect George W. Bush to the interest rate change featured; scenes shown of Bush with business leaders. [BUSH - says bold action is needed starting with tax reform.] Signal from Representative Richard Gephardt that the Democrats would support a larger tax cut than earlier suggested noted. [GEPHARDT - comments.] [Venture capitalist Floyd KVAMME - comments on the slowdown.]
(Studio: Peter Jennings) The convening of the 107th Congress introduced.
(Capitol Hill: Linda Douglass) The day at the Senate featured; scenes shown of Senator Hillary Clinton. [Vice President Al GORE - says we must respect President-elect George W. Bush.] [Senator Tom DASCHLE - jokes about the next 17 days.] [Majority leader Senator Trent LOTT - thanks Gore for serving.]
(Studio: Peter Jennings) Census estimated on the millions of Americans born in other countries cited.
(Studio: Peter Jennings) The spread of a brush fire in Cleveland National Forest in California reported; scenes shown of smoke and fire.
(Studio: Peter Jennings) Confirmation that Pope John Paul II has Parkinson's disease reported.
(Studio: Peter Jennings) Death of former Secretary of State William Rogers reported.
(Studio: Peter Jennings) A close look at television advertising by drug companies because the FDA (Food and Drug Administration) says the ads exaggerate and distort the facts presented.
(Washington: Jackie Judd) Drug company television ads examined; samples promotions shown, including Celebrex arthritis and Claritin and Flonase allergy drug ads. [Georgetown University hospital Dr. Bradford PONTZ - explains how patients react to television ad claims.] [FDA (Food and Drug Administration) Tom ABRAMS, RxHealthValue Dr. Sharon LEVINE - suggest there is misleading information.] The refusal of four pharmaceutical companies to be interviewed noted.
(Studio: Peter Jennings) Further information on the ABCNews Website noted.
(Studio: Peter Jennings) Report from the Surgeon General on mentally ill children reported.
(Studio: Peter Jennings) Rally in Prague, Czech Republic, in support of television journalists who will not work for a new director general shown.
(London: Richard Gizbert) The variety of evening news around the world reviewed; scenes shown of the Russian anchor woman who takes her clothes off, from the Argentina news anchored by puppets, of the British weather channel show done in Norwegian and from the openings of various news shows. [DMA Media broadcast adviser Stephen CLAYPOLE, Frank Magid Associates consultant Reagan RAMSEY - comment on the news shows.]