This program is 28 minutes long
(Studio: Betsy Stark) The question of where there is a bottom in the market, indications the economy is in decline and conflicting signals about a bailout of the auto industry examined; statistics on the Dow's drop this year, of the decline and the drop in stocks for Citi, Bank of America and JPMorganChase. [W.J. Blum and Sons trader Patrick CASEY- comments on the late-day selloffs.] [UBS Securities analyst Art CASHIN- assesses the market and the selling.] [Charles Schwab CIO Liz Ann SONDERS- comments on the Washington environment.] The view that Treasury Secretary Henry Paulson is winding down his tenure as the man in charge noted.
(Capitol Hill: Jonathan Karl) The Congressional hearings on bailout for the auto industry examined; details given about the CEOs' inability to state how much money they need for the industry and of the call for a detailed plan to turn the Big Three companies around. [Senator Carl LEVIN, Speaker of the House Nancy PELOSI, Senators Harry REID, George VOINOVICH - offer views on the auto industry.] [Yesterday, GM CEO Rick WAGONER - comments on the worst-case scenario.] The consensus that the auto companies need to go into Chapter 11 mentioned.
(New York: David Muir) The negative implications of plunging holiday sales prices examined; statistics on items dropping in price cited; details given about the fears of deflation in the retail industry. [Three SHOPPERS - show item prices.] [Mesirow Financial economist Diane SWONK- talks about "deflation."] [University of Chicago school of business professor Erik HURST- talks about the cars business.]
(Studio: Charles Gibson; Washington: George Stephanopoulos) The impact of the power vacuum in Washington on the economy and the need for President-elect Barack Obama to get an economic team in place to get a vote in confidence from Wall Street discussed.
(London: Miguel Marquez) The problems in combatting the piracy in the Indian Ocean featured; details given of the ransom demanded for the Sirius Star oil supertanker; diagrams shown to illustrate how the pirates take over ships; photos shown of the pirates. [Capt. Mark DOLAN- says we have no defenses.] [Shipping analyst Neville SMITH- talks about the ships.]
(Pinas, Ecuador) Research on a people who share a rare genetic mutation that stunts their growth featured; scenes shown from southern Ecuador where the Laron†† dwarfs have been studied; details given about how IGF-1, which stops them from growing, also stops cancer and diabetes. [Ecuador Inst. of Endocrinology Dr. Jaime GUEVARA†- says none of them has ever died of cancer.] The similar cancer research at the University of Southern California on mice noted. [USC professor Valter LONGO†- comments on the research implications to prevent cancer.]
(Studio: Charles Gibson) Further coverage of the story on "Nightline" noted.
(New York: John Berman) The admission by pro golfer J.P. Hayes that he used a non-regulation ball in a tournament last week featured; details given about cheating in other sports and about self-policing in golf. [HAYES - says he violated a rule.] ["Sports Illustrated: Damon HACK- talks about sports.]