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Unemployment Rate Fell to 9.1 Percent; Wall Street Tried to Rebound; The Deaths Pile Up in Syria; Virginia Tech Gun Scare; Jeffs Trial in Sentencing Phase; Texas Lake Turns Blood Red; Senate Passes FAA Funding Deal; 117,000 Added Jobs in July; Big Companies Have Cash, Not Hiring

Aired August 05, 2011 - 10:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

DEBORAH FEYERICK, CNN ANCHOR: The good news on jobs bolstered U.S. markets within minutes stock futures surged more than 1 percent.

And the U.S. markets are open now. Our reporters covering all the angles, Christine Romans breaks down the jobs numbers, Brianna Keilar is at the White House, Poppy Harlow at the New York Stock Exchange, Alison Kosik.

First of all, Alison, we'll go to you. What are the markets doing?

ALISON KOSIK, CNN BUSINESS CORRESPONDENT: We are in the red again. Easy come, easy go with that relief rally that lasted just about a half hour. You know, in just a flash, we saw stocks turn from the solid gains back into the red despite the better than expected jobs report in July.

But the good news about this is that investors had been bracing for another disappointment. They didn't get that disappointment. Now the focus is turning back again on the broader problems, the problems about the euro zone, about the European debt issues.

That's really what's gotten Wall Street back into the negative column. But still, you know what? They're also turning their head to the fact that we added 117,000 jobs here in the U.S. in July, the jobless rate ticking down to 9.1 percent.

It's kind of getting that question of whether or not we're headed for a recession. It's kind of moving that question little by little off the table now because we're seeing these jobs actually added to the economy, added in manufacture, in health care, in hospitality.

So for a moment there, we saw as far as stocks go there was enough to stop the bleeding in the market, just the jobs report not strong enough to put economic fears overall to rest. Deb --

FEYERICK: All right. Alison, thank you and Christine Romans in New York watching all these developments. Christine, 117,000 jobs better than expected, but really when you look at it, the economy needs much more. And I was reading something by an Italian business leader because their economy is obviously in turmoil, as well, and the leader said we need leadership capable of restoring cohesion. Can that happen? Can there be the appropriate kind of job growth?

CHRISTINE ROMANS, CNN ANCHOR AND CORRESPONDENT: That's a really good question, Deb. And it totally makes sense especially after the debt ceiling debate.

Look, you have market participants who say if we needed to have some sort of big jobs plan, some sort of big rescue, even the fed coming back in and doing something else to try to prop up the economy, would we have the political will to do it, and, no, we wouldn't.

At least that's what they think, we wouldn't, and that's something that they think is holding back the market here. I want to caution anyone from making too much out of today's stock market action.

Because historically on a day after a very big move, it's crazy and chaotic and you have people trying to square their positions and it has a lot to do with international currencies and interest rates as much as with what's happening right now with the jobs report.

So with that said, I also want to point out that this number, this 117,000 jobs created, there were 154,000 jobs created in the private sector. That is good. The trend has been good. More than a million jobs created in the private sector over the past year. That is good.

But I sound like a broken record. You have to have 125,000 to 150,000 new jobs added every month just to keep up with new entrance into the work force.

So, Deb, what this number shows us is that it's good enough for Wall Street not to be in a free fall, but it's not good enough that if you're out of work, everything has changed for you.

FEYERICKS: Are investors sending a sign that they're in a panic mode or are they sending a sign that really people have to step up so that companies can move ahead, can make plans in terms of creating those jobs?

ROMANS: Yes, this isn't panic mode. What we saw yesterday, the participants who I talked to said it wasn't panic. It was heavy, methodical big selling because you looked around the world and didn't like anything you were seeing and you were selling.

You're right. There is a lack of cohesion in Washington and when you look around the world for how different central banks are trying to solve their problems. You're seeing concerns that maybe they don't have a lot of tools to be able to do it.

And you also have -- we talked to somebody else earlier this morning on "AMERICAN MORNING" who said you also have concern from business owners about they don't really know the landscape is going to look like next year.

There have been a lot of changes over the past few years. They look out and they say it's still time to have money in the bank if you're a company and not quite hire too much more yet and so they're not making move.

FEYERICK: OK, Christine Romans, thanks so much for those insights. And less than an hour from now, President Obama due to talk jobs. Brianna Keilar is it at the White House with a preview.

And Brianna, originally the sole focus of his remarks was going to be a new initiative putting military veterans back to work because they're having such a hard time. That's changing. He is going to speak about the encouraging jobs reports number, correct?

BRIANNA KEILAR, CNN WHITE HOUSE CORRESPONDENT: He will, Deb and expect him to really emphasize this program for getting unemployed vets who have to do have a much higher unemployment rate than the national average.

Expect him to emphasize that, but the president has certainly addressed these jobs numbers most months that he's been in office and especially with the numbers this month being better than expected.

We're told by a White House official that he is expected at some point during his remarks to address that. In the meantime though, because that's going to be next hour, we do have new reaction from the chairman of the President's Council on Economic Advisers, Austin Goolsbee.

It's actually his last day here at the White House in his role, and you heard Christine talking about the private sector job number, 154,000 added in July. This is what the White House is emphasizing.

This is what Goolsbee is emphasizing and also something we've seen the White House do almost every month the jobs numbers have come out when even if they're better than expected, they're certainly not really enough to keep up with really what they need to be as you heard Christine say.

The emphasis that's Goolsbee is on the 2.4 million jobs he says were created over the last 17 months so really taking a much longer view to look at an average there. He call this is welcome news, Deb, but he says that the unemployment rate is unacceptably high and he says it's going to take bipartisan action to solve this.

FEYERICK: Sure, 2.4 million jobs obviously great, but with eight million gone that's the problem there. And whether you invest and spend money or whether you cut and which one will create jobs. Brianna, thanks so much.

And now we're going to bring in Poppy Harlow. I'm sorry, one moment. Stay with us for the top of the hour when president Obama talks jobs and his new initiative for veterans. That's at 11:00 Eastern, 8:00 Pacific.

And coming up later, companies have tons of cash in the bank more than a trillion dollars. So how come they aren't hiring. Well, we're going to try to find out.

Also ahead, tanks and gunfire in the streets of Syrian cities. Still defiant anti-government protestors are out in force. We're going to have a live report.

(COMMERCIAL BREAK)

FEYERICK: Despite a violent assault against anti-government protesters, they're demonstrating again today in Syria. Residents say snipers and tanks are all around them.

CNN's Arwa Damon is in the region following all of the developments from there in Beirut, Lebanon. Arwa, these protesters, they are really sending a very powerful message that military may not back down, but they're going to try to hold on as long as they can.

ARWA DAMON, CNN INTERNATIONAL CORRESPONDENT: That's right and that largely is because they will tell you that they simply don't have another choice. They have come this far they say and it is now the point in time where the regime either has to step down or they are willing to literally all be killed to try to achieve that.

We have been seeing demonstrations again, people chanting for the down fall of the regime, but also their support for the residents of Hama. Now if you'll remember the military assault began in Hama in a full Wednesday morning where in that square where every Friday we used to see those massive demonstrations.

There are now tanks, indiscriminate tank fire, gunfire, sniper fire into residential areas, hospitals hard to reach. Power has been cut off making it incredibly difficult for those who are in hospitals to receive a adequate medical care.

After that medicine is in short supply, food in short supply as well and that assault seems to be intensifying. We'd spoken to a resident in Hama earlier today. We could hear the sounds of gunfire, explosions on the line.

A few hours later we got back in touch with him. He said he'd be forced to move to a safer location. He was terrified that should the military or the security sources detain him, they would find the satellite phone that he had been using to communicate with us and with the outside world.

That he said would have been considered a crime and he could be executed for it. Just another example of what these activists are doing to try to get the message out and to try to keep the pressure on this regime that does not appear at this point if it will back down in this military campaign.

FEYERICK: And Arwa, do these people, do these activists, do they have support from the outside that's helping them, that's kind of giving them the incentive to keep on fighting or are they in this a little bit alone?

DAMON: Well, they do largely feel as if they are in this alone and they do also, though, recognize that this is essentially their fight. And what they're asking for from the international community is not a Libya-style NATO intervention, but they do want to see the international community putting the type of pressure on the outside regime that is going to force it off of its current path of military action.

So far all we have really seen has been ineffective sanctions slapped on individuals within the government, including the president by the United States, by the European Union. We have this presidential statement from the U.N. Security Council that really has absolutely no legs or impact at all when it comes to the Assad government itself.

So what activists say has to happen is economic sanctions especially against the country's energy sector. Those are the kinds of moves they want to see take place.

FEYERICK: OK, Arwa Damon for us there in Lebanon. Thank you so much.

Coming up, Congress compromises to end the FAA shutdown for now anyway.

Plus, out of a job? A Texas man hits the streets trying to turn his passion into a paycheck. He's today's 30 second pitch.

And try to turn clutter into cash, antiques road show has rolled in to Atlanta and right into our news room and on air appraisal that's coming up.

(COMMERCIAL BREAK)

FEYERICK: Let's check the news cross-country. Police searched Virginia Tech's campus for hours, but found no evidence of a security threat. A report of a possible gunman sent the school into lockdown yesterday. A spokesman says alert systems put in place after the 2007 shootings worked without a glitch.

The sentencing phase begins in the Warren Jeffs trial. The polygamous sect leader was convicted yesterday of sexually assaulting two underaged girls. He could go to prison for life.

And blood in the water at a Texas Lake, that's what it looks like anyway. The color is caused by an overgrowth of bacteria that love oxygen starved water and that's the result of low water levels and the state's horrible drought.

Thousands of FAA employees and contractors are heading back to work after a two-week furlough. Congress has managed a compromise deal to end the agency's partial shutdown. It restores FAA funding, but only temporarily.

Let's get the latest from Kate Bolduan on Capitol Hill. Kate, the Senate just made it official.

KATE BOLDUAN, CNN CONGRESSIONAL CORRESPONDENT: They just made it official and honestly if you blink, you might have actually missed it. It took less than a minute, which we kind of expected, Deb.

Because once this agreement in this breakthrough happened yesterday, once this agreement for a short term extension happened between Democrats and Republican, the Senate through a procedure called unanimous consent, they gavelled in about 10:00 and less than a minute later, they gavelled out.

They called for unanimous consent, which kind of sets aside procedural -- kind of the typical procedural hurdles that we see with Senate legislation and if no one objects to that, which no one was really even in the chamber to object, it's passed.

So the short term extension is passed and that gets Congress through September 16th, which leaves them about a little more than a week once the full Senate and House return to really kind of hammer out the differences that still remain.

Of course, the short term extension puts people back to work which is very good, but this doesn't resolve the underlying issue. This labor dispute over how unions can organize within airlines, it still needs to be hammers out and will obviously need to be worked on very quickly over the next month. Deb --

FEYERICK: All right. Wow, look how efficient sometimes things happen in Washington.

BOLDUAN: Amazing, I know.

FEYERICK: Kate Bolduan, thank you so much.

Well, in a bad economy with such high unemployment, if you're out of work, you've got to get creative. After a Texas man lost his job, his wheels started turning and in trying to provide for his family, he came up with a way to hopefully profit from his passion, cycling.

In the meantime, he's still looking for a steady gig. Joe Holan joins us live from Austin, Texas for today's 30-second pitch. Joe, first of all, tell us about losing your job.

JOE HOLAN, JOB SEEKER/FATHER OF FOUR: Well, June 2nd, that was my last day at work. And since then, I've been doing the regular job search and I basically thought back to when I was commuting back and forth from George Town to Round Rock.

And I had this idea I'm one bike out of thousands of cars that are passing me every day. You know, why shouldn't I get paid for this? For other cyclists or commuters, that would provide an incentive to get out and ride, we just need to match up advertisers and cyclists.

FEYERICK: So you're looking for sponsorship. You're basically like the taxis in New York that have those advertisements on the top. But you're going to have advertisements elsewhere.

HOLAN: Exactly.

FEYERICK: What kind of an impact -- clearly it's so difficult to be out of work, to be looking and to continuously be frustrated. What impact does it have on your family?

HOLAN: Well, you find other things to do. You know, the kids are used to getting toys whenever we walk into a store and you go out to eat at restaurants.

Now you plan your grocery trips a little bit more carefully. If they ask for toys, you look for other things to do at home. You go to the park. You ride bikes. Make puzzles. Watch movies at home.

Just spend a lot more time together. I have four children, so I have to keep all those kids entertained and it's a challenge when there's no income coming in.

FEYERICK: Absolutely. All right, so, Joe, give us your 30- second pitch. People are listening, tell us.

HOLAN: OK, my name is Joe Holan. I've a Journalism degree from Texas A&M University. I would describe myself as innovative, self motivated and adoptable. I have a diverse background ranging from, I've worked as a published magazine feature writer.

I've worked as a quality systems analyst for a leading print and circuit board manufacturer and I've also worked as a licensed insurance claims adjustor. Obviously, I would love to work as a copy writer or in the advertising field, preferably within cycling industry.

FEYERICK: All right. Joe Holan, thank you so much. Hopefully something will come of that, but good luck with that business of yours.

And if you're looking for a job like Joe, this is your chance to be seen and heard. You can give your 30-second pitch right here on our air. Tell us why someone should hire you. Send us an e- mail to 30secondpitch@cnn.com. You may get a chance to make that pitch right here on CNN NEWSROOM at 10:00 a.m. Eastern.

There may have been a bit of a bump up in jobs in July, but most companies just aren't hiring. It's because they're broke, right? Well, far from it. The amount of money they have around will amaze you.

Also ahead, a visit from the folks at antiques road show. We'll hear about some of the top treasures they've found and we're going to get some of our own stuff appraised.

(COMMERCIAL BREAK)

FEYERICK: Checking top stories now, new jobs numbers were better than expected. The Labor Department says 117,000 jobs were added in July and the unemployment rate fell to 9.1 percent.

Despite a bloody government crackdown, defiant protestors were out again in cities across Syria today. Hama has become the focal point of the protests. Residents say tanks and snipers have been firing on civilians killing more than 100 yesterday.

Throughout the U.S., people are trying to stay cool. Heat advisories are in place for parts of 14 states today. Dallas has had its 34th straight day of 100-degree temperatures.

And it has been a dramatic couple of days on the markets after the 512 point plunge yesterday. The Dow right now looking at the board there, 11,438. Poppy Harlow is on the CNN Money set in New York. Poppy, what do you make of this?

POPPY HARLOW, CNNMONEY.COM: Yes, I mean, looking at these numbers, we started off with really strong gains out of the opening gate. We were off 130 plus points this morning and then we saw a little bit of a dip, down about 50 points, now we're up 50 points.

This is the volatility that you've got to snap your seat belt and get ready for because this is the new normal at least in this market place. This comes after a much better than expected jobs report this morning as you said, Deb. Some investors are uneasy, which where they are supposed to go, is the economy on track, is it not on track.

And what we're looking into is a lot of these big companies that have so much cash on hand. They're reporting record profits, but they're not really hiring right now. And when I talk about a lot of money, I mean a lot of money, $1.5 trillion to be exact. That is how much cash, if you just look at that huge number, 4,000 U.S. nonfinancial publicly traded companies have on their balance sheet.

They have tons of money. To put that in perspective for you, Deb, that is the same as the entire GDP of Canada, but even with all this money, what we're not seeing is the big companies doing at lot of hiring. That's a very big problem right now.

I'm going to show exactly what I mean here. If you look at small and medium sized companies under 500 employees, they have hired dramatically really over the last two years. Those are the two red bars you see on your screen.

If you look at big Fortune 500 companies with more than 500 employees, they've cut 22,000 jobs over the last two years, Deb. That is very troubling. Now these big companies historically are not big job creators, but they account for about 16 percent of the national workforce.

So you've got more and more people sort of in the rallying cry, why aren't these big companies hiring when they have these record profits. When you take a look at these companies and I'm going to pull up, they all have over $10 billion in cash.

You're talking about Google and Cisco. Only some of them are hiring. Google, for example, has hired 7,000 workers over the last year. Cisco has laid off 6,500 workers over the last year.

So you've got to be concerned about how much cash on hand these companies have, they're not willing to spend it yet. And I want you to take listen to exactly why they're holding all this cash and not hiring. Take a listen.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: Companies are saying, woah, they have the muscle memory from the last recession and they know that some companies didn't make it through. So they want to really hoard cash unless they have business beating down their door, they're not going to hire anyone.

(END VIDEO CLIP)

HARLOW: You heard it unless they have business beating down their door, they're not going to hire anyone. So, yes, I think to sum it up, Deb, a better than expected jobs number this morning. We're still waiting for these huge companies that we all know so well to hire and right now, they don't feel the security they need to hire.

They still feel as though we're in an uncertain environment. So, of course, we'll track the market all day, but again we'll take the good jobs numbers this morning. But again this may not be the beginning of a turnaround for the job market. Deb --

FEYERICK: OK, Poppy Harlow, thanks so much for that. Stay with us for the top of the hour when President Obama talks jobs and his new initiative for veterans, that's at 11:00 Eastern, 8:00 Pacific.

And "Political Buzz" is your rapid fire look at the hottest political topics of the day. Three questions, 30 seconds on the clock.

Playing today, Democratic strategist Maria Cardona, Sirius-XM political talk show host and comedian Pete Dominick and Will Cane, CNN contributor and host of the internet radio show "Cane and Abel."

Well, hello, players. First question, the markets tanked. Job numbers OK, kind of good. President Obama, what does he do now, any spin he can give this? Maria.

MARIA CARDONA, DEMOCRATIC STRATEGIST: Well, I think what he's going to do is do what he's wanted to do for months and has been doing privately, which is focus on jobs, jobs, jobs. Unfortunately, in the last several weeks, the Tea Partiers were able to hold hostage the debt ceiling crisis.

And that wasted precious weeks of efforts to be able to create jobs. So now given that the job numbers were better than expected and the revisions for the last two months were better than expected, too, hopefully the Tea Partiers will join the Democrats and the president and focus on what the majority of the Americans want D.C. to focus on and that is jobs, jobs, jobs.

FEYERICK: Pete Dominick, your turn.

PETE DOMINICK, SIRIUS-XM RADIO HOST: Well, I think the president has talked about these bipartisan support for the free trade agreements, which I think, frankly, are kind of ridiculous and Ross Perot told us that in 1993. I don't know what we're going to get from Panama. But it is a great place to put your money if you're a corporation or a millionaire.

But there's also a great idea, this private-public infrastructure bank. I think that's a great idea. Patent reform. So, there are some policies that President Obama can get done, but as long as he keeps coming out -- and Republicans, too -- talking with how important jobs are and we in the media focus on that, I think that will be the most important thing. Jobs. Of course we all want them -

(BUZZER SOUNDS)

FEYERICK: All right. Will.

WILL CAIN, CNN CONTRIBUTOR: Deb, I'm going to tell you now -- listen closely. Here's what President Obama can do. He can start by diagnosing this recession clearly and correctly. Pete and Maria are reading from textbooks of all the previous recessions. This is a balance sheet recession. This is a problem of overleverage from private homes to European governments. You have to understand this is a balance sheet recession and attack the debt. Obama needs to understand that.

FEYERICK: OK. So Will Cain talking recession, not correction.

Let's go to our second question here. The FCC about to unveil a new plan that it says will create 100,000 call center jobs in America in an effort to grab back some of those jobs that have gone overseas. But is creating these jobs that might be cheaper elsewhere really the way to rebuild the economy? Will?

CAIN: So, I have a quick story for you. In the 1970s, economist Milton Freidman was invited to a Southeast Asian country to consult on a ditch digging project. He got there and he noticed all the laborers were using shovels. He said you know this would go more quickly and cheaply if you brought in some bulldozers, some dirt movers. And the bureaucratic boss said, "Oh, you don't understand, this is a jobs program." Freidman said, "Oh, I didn't realize that. Well, you should take away the shovels and give them spoons."

Governments create the conditions for jobs. Not jobs.

FEYERICK: All right. Pete.

DOMINICK: That was a really great story that will just told. He also insinuated that I read textbooks.

(BELL RINGS)

DOMINICK: But Will was wrong about that one. I haven't done that in a while. (LAUGHTER)

DOMINICK: A job is a job. I think a lot of Americans will be happy to be talking to someone at a call center that speaks English or without a thick accent. But I'd like hear Will or anybody talk about jobs that don't have them. People will take what they can get right now I think.

FEYERICK: All right. And Marie (sic), do you think that's the answer?

CARDONA: I do. But first I wouldn't be so quick to denigrate a McJob since almost 50 percent of McDonald's leader started in crew.

But yes, I do think that that is a great part of what we need to do to continue job creation. Look, the FCC is focused on broadband expansion. And broadband and telecommunications and technology is going to be the future of job creation in this country. You hear that the AT&T-T Mobile merger will create thousands and thousands of new jobs. Broadband expansion is where the future is. The FCC is focused on that, and that's a good thing for job creation.

FEYERICK: OK, good answers. Now the pressure is really on. Ten seconds.

A New York artist convinced 50 people this week along Wall Street to strip along Wall Street as a protest against a lack of transparency. What other kind of protests do you guys think we can hold that will really get people's attention? Pete?

DOMINICK: Americans really don't pay that much attention to these issues until they really blow up in our faces like the debt ceiling thing. They're paying attention to celebrities and reality show stars. So maybe if we can get an A-list celebrity put out a sex tape where they talk about exactly what Wall Street needs to do to create a better situation for job creation, which -- otherwise that's never going to happen. So I want the celebrity sex tape with facts during the actual act.

(BUZZER SOUNDS)

FEYERICK: OK, so sex tape, no (INAUDIBLE). Will.

CAIN: I don't see what's wrong with just getting naked. I mean, what's so bad about that? That seems to get attention. I think that's a perfectly great protest. I invite Pete and Maria to try right now. See if it doesn't get some attention.

FEYERICK: Do not tempt me. Do not tempt me! Pete, Pete, keep it on!

DOMINICK: Break up the banks right now!

CAIN: He's doing it!

FEYERICK: Oh, God. Viewers, please, please, stay tuned. Maria? CARDONA: So, I think that nakedness is probably a little bit too scandalous for Washington, so I would actually invite Americans to come to Washington, not get naked, but cover themselves in pink slips, go to the Capitol and tell the Republicans that they need to focus on job creation. They've been in charge of the House for more than seven months and they have done zero to create American jobs.

Americans, go to Capitol Hill -

(BUZZER SOUNDS)

CARDONA: -- get naked, but get dressed in pink slips.

FEYERICK: All right, pink slips, I like that. All right, Will Cain, Pete Dominick -

(BUZZER SOUNDS)

FEYERICK: Oh, Pete, now I have to look away. I can't even watch that.

(CROSSTALK AND LAUGHTER)

FEYERICK: Maria Cardona, thank you so much.

CARDONA: Thank you.

FEYERICK: Security? Just kidding. Thanks, guys.

(LAUGHTER)

FEYERICK: All right, stay with us for the top of the hour. You're looking at a live picture from the White House where President Obama will talk jobs and his new initiative for veterans. That's at 8:00 Eastern, 8:00 Pacific (sic).

And coming up, how extreme heat at high school football practices are proving deadly. And what some coaches are doing to help keep their players safe. That's next in the NEWSROOM.

And in Kansas City, a marriage proposal unintentionally caught on tape. That's next.

(COMMERCIAL BREAK)

FEYERICK: Extreme heat and high school football practices are proving deadly. Four players and a coach dying within a week, all suspected to be heat related. It's got a number of schools moving practices to the early morning in hopes of beating the heat.

George Howell joins us live from Gainesville, Georgia where t one of those practices just wrapped up. George?

GEORGE HOWELL, GAINESVILLE, GA REPORTER: Yes, surprisingly not a bad day out here. We've got a bit of a breeze, it's slightly overcast. And football players I talked to today say they know a day like this is a rarity at best. They are used to being out in hot weather. Experts tell us there is no reason for any football player to die in the heat.

It all comes down to guidelines, and from what we saw here from the Maris High School football team, they have those guidelines in place. In fact, the coach tells me that he cancelled the noon practice yesterday simply because it was way too hot to be out on the field. That's what it takes, coaches having a reasonable approach to these practices, and students knowing when to speak up.

(BEGIN VIDEO CLIP)

HOWELL: Clearly the students out here, they're out here trying to impress you, to show you their A game. But how do you get a student to say I've reached my limit, it's too hot?

ALAN CHADWICK, HEAD FOOTBALL COACH, MARIST HIGH SCHOOL: Well, that's a very fine point. As coaches, we're here to push them and try to make them be the best they can be. But the kids have got to listen to their bodies. They've got to be willing to speak up and tell you that things are not right, they're not feeling well. And we ask the other kids, the other players that are with them in the drills and the workouts to kind of keep a watch on each other and let us know if someone's not feeling well.

(END VIDEO CLIP)

HOWEEL: So, I talked to several coaches, and all of them use a device that's called a wet bulb designed to measure air movement, temperature and humidity. If that gets to a certain level, they cancel practice altogether. Deb?

FEYERICK: All right. George Howell, thanks so much. Sure looks steamy under all those pads. Appreciate it.

Well, checking stories "Cross-Country." Blood in the water at a Texas lake. That's what it looks like, anyway. The color is caused by an overgrowth of bacteria that love oxygen-starved water. That's a result of low water levels in the state's horrible drought.

In Boise, Idaho, a bike thief's change of heart. Three of seven bicycles that were stolen earlier this week were returned with an apologetic note that reads "Sorry, didn't mean to steal from you guys." No word on what happened to the other four bicycles.

And in Kansas City, a marriage proposal inadvertently caught on tape. Take a look at that. A reporter's live shot focused on another story. But when her photographer clued her in as to what was going on behind her, the couple became an instant story.

(BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: Come here. Okay, we're here, KCI, and researchers say they want the government to do more and help us eat healthy.

By the way, we're digressing for a moment. They were just standing behind me. Did you just propose to her?

JOSH MULLIN, MARRIAGE PROPOSAL CAUGHT ON TAPE: I did just propose.

UNIDENTIFIED FEMALE: Is this for real or was he faking it?

ASHLEE BALDWIN, NEW BRIDE-TO-BE: It's real.

UNIDENTIFIED FEMALE: What did you say?

BALDWIN: Yes.

UNIDENTIFIED FEMALE: Oh, my gosh! You guys look like you're too young to get married.

MULLIN: Well, maybe she is, but I'm not.

UNIDENTIFIED FEMALE: Uh-oh, uh-oh. We'll get into that later. Did you know this was coming?

BALDWIN: Kind of.

UNIDENTIFIED FEMALE: A little bit. What make you wait until you head out of town to do this here outside the airport?

MULLIN: Well, I just got in from Greeley, Colorado. So she was coming to pick me up and --

UNIDENTIFIED FEMALE: And you thought you might as well do it!

(END VIDEO CLIP)

FEYERICK: Well, the couple plans to wed in September. Very cute. He just couldn't wait.

Well, coming up, trash or treasure? The folks from "Antiques Road Show" join us in the studio. We'll get some live appraisals and the scoop on his next season.

Minutes from now at the top of the hour, President Obama talks jobs and his new initiative for veterans returning to the workforce. That's at 11:00 Eastern, 8:00 Pacific. Stay with us.

(COMMERICAL BREAK)

FEYERICK: Money is tight, our 401(k)s are tanking, but hey, there's always "Antiques Road Show." The PBS hit can turn clutter into cash at the drop of a historic hat.

(BEGIN VIDEO CLIP)

: What really makes this print spectacular is the color. It really pops. This is actually from the late '60s, this print. And of course you have the wonderful dedication on the back. A conservative estimate at auction would probably be about $15,000 to $20,000.

UNIDENTIFIED MALE: Mom, did you hear that? We're going to Acapulco for the weekend.

(LAUGHTER)

(END VIDEO CLIP)

FEYERICK: Not bad. Well, it's appraisals like that that make this show such a hot ticket. "Road Show" is actually shooting right here in Atlanta this weekend, and the executive producer, Marsha Bemko, and appraiser Sebastian Clark were nice enough to join us here.

Thank you so much. First of all, what do you think make this is show so popular, Marsha?

MARSHA BEMKO, EXECUTIVE PRODUCER, "ANTIQUES ROADSHOW": I think it's a mixture of things. All kinds of people want to watch it, but ultimately we take a personal story, an expert like Sebastian who can shed some light on it, make it a three-minute delicious package. Whether you love antiques, love surprises, want to learn something, you're going to. People love it for that reason.

FEYERICK: And everybody is always on the edge of their seat. And Sebastian, we've actually brought in a couple of items here. Our producer, she is keeping her fingers crossed that she is going to buy a new car. So tell us, appraise some of this.

SEBASTIAN CLARK, APPRAISER: All right. So we've got three items here today. The first of which is this banjo clock, which is by The New Haven Clock Company. The firm was started in 1853, and this clock is from about 1890. If it were by a maker by the name of Simon Willow (ph) who patented this in 1802, it would be a $50,000 clock.

FEYERICK: OK. And this was a wedding gift from her grandfather. So, go ahead.

CLARK: So, because it's a later example, it is worth about $500.

FEYERICK: OK, $500. So, just knock off a couple of zeros.

CLARK: A couple of zeroes off the top, that's right.

(LAUGHTER AND CROSSTALK)

FEYERICK: OK, so now we're going to go for the apartment. How much are these candlesticks? Let me tell you a little bit about them. They were brought back from Southeast Asia when Carrie's father came home from Vietnam. Carrie's our producer. So, what is the value of something like this?

CLARK: These are what we would call see souvenir items. They were picked up probably at a market or at a bazaar. And they're brass that have then been painted after they were turned, and they may be worth $30 or $40.

FEYERICK: OK. So, souvenir. And now -- then this - OK, is something that she saw. This reminded her of a chest in Spain. So, what is the value of this? It looks like it might be worth something. CLARK: You know, it's actually quite nice. What's interesting about this is it's probably North African or Spanish, and it's mother of pearl inlaid hardwood. It's a nice little blanket chest or coffer, as we would call. And it's probably worth around $500 or $600.

FEYERICK: OK, all right. So, interesting. What we love about this show I think is just people will line up forever with their items trying to get in. There is -- it's almost better than the lottery because you have something in your house that could be of great value.

BEMKO: It's a chance to come and find out in this city -- we're shooting the show in Atlanta tomorrow. Almost 26,000 people applied for the 3,000 pairs of tickets we give out. What Sebastian talked about here is typical to lots of what we'll see for value. Not in that $500 range.

FEYERICK: Not in the $50,000.

BEMKO: We'll see that too, we will. But it won't be a lot of it.

FEYERICK: And it won't be in this particular studio at this particular moment. Sebastian Clark, Marsha Bemko, thank you so much for joining us. And good luck with that road show tomorrow.

BEMKO AND CLARK: Thank you.

FEYERICK: Well, the last time we saw Tiger Woods on a golf course, he was limping. Now he's driving. Driving the ball, that is. Good start to his comeback. We'll check in at the Firestone Country Club. That's live, next.

And live pictures as we wait for President Obama. He's scheduled to speak at the top of the hour from the Washington Navy yard. He'll be talking about preparing veterans for the workforce. We'll bring you his remarks live.

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FEYERICK: Buckle up. It's been a wild ride on Wall Street, and it hasn't even been 90 minutes since the opening bell. The turmoil, of course, the continuing rumble of yesterday's huge selloff. Well, at least someone can laugh about it.

(BEGIN VIDEO CLIP)

JAY LENO, HOST, "THE TONIGHT SHOW": Whoo, what a -- 500 points it dropped today. Unbelievable. Well, it's mostly due to the fear that the debt crisis in Europe is getting worse. And several European nations are trying to borrow money from China. And Obama got tough. He told them, "Hey, China is our sugar daddy, you get your own! You get you own!"

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FEYERICK: Well, we're keeping a close eye on Wall Street this morning. Alison Kosik is at the New York Stock Exchange and Alison, where do things stand right now?

ALISON KOSIK, CNN BUSINESS CORRESPONDENT: You know what? He's right about that. These European debt issues are still hanging over the market a bit, and we're seeing that volatility back in the markets. Stocks moving between positive and negative territory. At one point, the Dow was up as much as 172 points. It's down 41.

You can thank that earlier jump to a solid July jobs report. 117,000 new jobs were added to the economy. That was above forecasts, but you put it in perspective, it's not a fantastic number. It's not enough to keep up with population growth.

But for a market that was absolutely pummeled in recent days, what it does is it breaks this cycle of disappointing economic news. So the reality is, it may not be enough to get these gains in the market to stick. These worries about the U.S. economy, about European debt issues, Deb, especially Italy. They're still at the forefront, and that's weighing on the markets today.

FEYERICK: All right, Alison. Thanks so much with that.

Tiger Woods is on a mission. He's playing the second round of the Bridgestone Invitational as he attempts to come back from injuries and also re-establish himself as one of golf's greatest ever. CNN's Ted Rowlands is following Tiger's play at the Firestone Country Club in Akron, Ohio.

Ted, what have you got for us?

TED ROWLANDS, CNN CORRESPONDENT: Well, so far so good, Deb. He's back, he's playing. He's not lighting the course on fire, but he played respectably yesterday. He's out on the course again today, and of course, he is the major draw here. Not only on the course, but on television, as well. Ratings expected to be very high this weekend as he continues to play his first tournament since May when he had to walk off the course from injury.

He said yesterday after his round where he shot a two under par 68, putting him in about 20th place, he said he's never felt better. He felt great being out on the course, and other players also said they're happy he's back.

(BEGIN VIDEO CLIP)

TIGER WOODS, PRO GOLF PLAYER: I haven't hit the ball like this. This was fun to be able to hit the ball with that much flush feeling through the golf ball, the speed I had. It was pretty nice.

MARTIN KAYMER, WINNER, 2010 PGA CHAMPIONSHIP: I think he's one of the best who ever played the game and I think that the tour. And golf needs Tiger Woods. And you see how many people are following him today, so he'll always be a star.

(END VIDEO CLIP)

ROWLANDS: And one of the other things that people are watching very closely here is the fact that Tiger's caddie, Stevie Williams, who was fired after 12 years of service with Tiger, is on the course and he's working. And he happens to be working for the guy that's leading the tournament.

Adam Scott fired an eight under par yesterday with Stevie on the bag. It is one of the things, other things, that people are watching besides the golf. The drama that is associated with Tiger Woods. Right now, he's in 22nd place. Deb, two under par. He's even par through four holes today.

FEYERICK: So interesting. Well, he's doing better, but it appears the luck of the caddie is also running off on the leader. Thanks so much, Ted Rowlands there. We'll let you get back to that assignment.

Well, coming up, it's been a roller coaster ride on Wall Street, but what does all this market instability mean for you and your personal finances? We'll talk to Greg McBride from BankRate.com about some simple steps that you can take to protect your money. That's in the next hour of NEWSROOM.

Plus, here's a reminder to watch our live coverage of remarks from President Obama. He's sure to mention today's jobs report as he reveal as new jobs program for vets. The president is scheduled to speak in just a few minutes.

(COMMERCIAL BREAK)

FEYERICK: The debt ceiling deal is now law, but there are still casualties from the debate. CNN's Kate Bolduan is on Capitol Hill with the story. Kate?

KATE BOLDUAN, CNN CONGRESSIONAL CORRESPONDENT: Hey there, Deb.

Well, some pretty bad numbers coming out, but I'm not following the debt ceiling debate. But I'm not talking about job numbers and I'm not talking about the markets. I'm talking about the approval rating of Congress. As new CBS/New York Times poll shows that eight in 10 Americans disapprove of how Congress is handling its job. That's more than 80 percent. And we're told that's the highest number, the worst number, if you will, since they started tracking this number back in 1977.

And part of probably the - contributing to this disapproval, if you will, people are very frustrated with the political gridlock, the partisan bickering that we've been seeing up here on Capitol Hill. And one good example would be the standoff of recent overfunding the FAA, the Federal Aviation Administration.

And just today, just this morning -- you would have missed it if you would have blinked -- the Senate passed a short-term extension after Democrats and Republicans were able to reach agreement yesterday. They gaveled in at 10 a.m. Less than a minute later, they had approved it with only two senators really in the chamber. And then are going to be gone until the end of August into September when they will return. The short-term extension to keep the FAA funded and get workers back on the job. This will get the country through September 16th. That's when the short term extension runs out.

And in the meantime, Democrats and Republicans in the House and Senate, they still need to resolve the big differences that were at the heart of this issue, the heart of this latest stalemate, which has to do with labor issues and rules regarding unionizing. Unions being able to form within airlines. So, still a lot to hammer out, but some bad numbers and Congress is now on vacation for a little while.

FEYERICK: Right, exactly. You can leave Congress, but Congress never really leaves you when you're a politician. All right, Kate Bolduan, thank you so much.

Boy, 82 percent disapproval. That is a huge, huge number. They have a lot of work to do to re-establish their credibility among the American people.

FREDRICKA WHITFIELD, CNN ANCHOR: Certainly right. And the clock is ticking, especially as it pertains to trying to do that in time for the next election season. Good to see you, Deborah.

FEYERICK: Good to see you!

WHITFIELD: All right. Have a great weekend. And day - first!

(LAUGHTER)

FEYERICK: Let's get through the day first, and then there's the weekend! All right, have a good one.