BANK STOCKS, HOUSING STOCKS,

AND THE STOCK MARKET TAKING

RECORD HIGHS.

IT IS NOT ADJUSTED FOR

INFLATION, BUT,

NEVERTHELESS, EVERYBODY IS

CHEERING.

THE DOW JONES CROSSED THE

MYTHICAL THRESHOLD.

ARE WE IN THE MIDDLE OF A

BULL MARKET, OR IS IT GOING

TO STOP SHORT?

WE'LL HAVE TO FIND OUT, BUT

SO FAR THE ANSWER IS IT IS

GOING TO KEEP GOING HIGHER.

Kristi: ABSOLUTELY,

PAT.

IN FACT, THAT IS GOOD NEWS

FOR WALL STREET AND FOR MAIN

STREET, BUT SOME ARE ASKING

HOW LONG WILL THIS GO ON.

CHARLENE ISRAEL HAS THE

STORY.

Reporter: FROM THE

OPENING BELL, STOCKS SOARED

TUESDAY.

AND ONCE THEY STARTED GOING,

THEY DIDN'T STOP UNTIL ALL

PREVIOUS RECORDS WERE

BROKEN.

IN THAT SENSE, IT IS A

MILESTONE.

Reporter: THE DOW

PASSED ITS PREVIOUS HIGH OF

JUST UNDER 14,200.

SET IN OCTOBER OF 2007.

IT ALSO DOUBLED ITS RECORD

LOW, SET ALMOST EXACTLY FOUR

YEARS AGO, GAINING 118%

SINCE THEN.

I LOVE THE BUZZ THAT THIS

HAS CREATED.

THIS IS TELLING THE MAIN

STREET INVESTORS SOMETHING I

HAVE BEEN TRYING TO EXPLAIN

FOR OVER A YEAR, THAT THE

STOCK MARKET IS A PLACE YOU

NEED TO HAVE YOUR MONEY.

Reporter: ANALYSTS SAY

THE SURGE WAS BROUGHT ON BY

A NUMBER OF FACTORS, FROM

SPENDING ABROAD AND CONSUMER

CONFIDENCE HERE AT HOME, TO

LOW INTEREST RATES AND THE

RECOVERING HOUSING MARKET.

WHILE THE REBOUNDING STOCKS

ARE A POSITIVE SIGN FOR THE

ECONOMY, MANY WONDER IF IT

CAN LAST.

FINANCIAL EXPERTS POINT TO

SEVERAL SIGNS THAT IT CAN:

THE ECONOMY CONTINUES TO

SLOWLY GROW, BUSINESSES ARE

MAKING MONEY, INTEREST RATES

AND INFLATION ARE STILL VERY

LOW, AND THERE IS STILL A

GREAT DEAL OF MONEY ON THE

SIDELINES THAT HAVE NOT GONE

BACK INTO THE STOCK MARKET

YET.

BUT SOME ANALYSTS SAY THE

STOCK MARKET ISN'T

COMPLETELY OUT OF THE WOODS

YET.

YOU DON'T SEE THE

CHAMPAGNE BOTTLES AND THE

CONFETTI BECAUSE THERE IS

STILL A VERY, VERY BIG

DISCONNECT BETWEEN WHAT THE

ECONOMY IS TELLING US AND

THE MARKET IS TELLING US.

Reporter: BUT THEY HOPE

THIS IS THE START OF FURTHER

ECONOMIC RECOVERY, FOR NOW,

THEY BELIEVE THE MARKET WILL

CONTINUE TO SOAR.

Pat: IT IS IRRATIONAL,

BUT WHOEVER SAID THE STOCK

MARKET WAS RACIAL.

NEVERTHELESS, THERE ARE A

COUPLE OF FACTORS CHARLENE

MENTIONED.

THERE IS ABOUT $1.8 TRILLION

TO $2 TRILLION DOMESTICALLY

ON THE SIDELINES, AND

CORPORATIONS HAVE A GREAT

DEAL MORE THAN THAT

OVERSEAS.

THAT HAS GOT TO HAVE SOME

PLACE TO GO.

THE INTEREST RATES THE FED

HAS PUSHED DOWN TO SUCH A

LOW EXTENT, YOU CAN'T MAKE

ANY MONEY WHATSOEVER PUTTING

YOUR MONEY IN BONDS.

YOU JUST CAN'T DO IT.

YOU'RE GOING TO LOSE MONEY

FROM TAXES.

WHERE DO YOU GO?

YOU GO TO STOCKS.

THAT'S WHY SO MUCH MONEY HAS

COME INTO STOCKS.

IT IS AMAZING, THE RUN-UP IN

HOUSING.

IT LOOKS LIKE HOUSING IS ON

THE RISE, AND THE

CAR-MAKERS, FORD, IS UP.

THE CAR-MAKERS ARE DOING

VERY WELL.

EVERYBODY IS DOING WELL.

WHO KNOWS?

SO WE HAVE A RESIDENT GURU

THAT TELLS ME THAT 20,000 ON

THE DOW IS NOT TOO MUCH TO

THINK ABOUT.

BUT WE'LL SEE.

I HAVE NO CLUE.

WELL, STOCKS ARE GOING UP ON

WALL STREET, AND THE SNOW IS

COMING DOWN IN WASHINGTON.

LEE WEBB HAS THAT STORY FROM

THE CBN NEWS ROOM.

HERE IS LEE.

Lee: PAT, THE HEAVIEST

SNOWFALL IN THREE YEARS IS

OVERTAKING THE NATION'S

CAPITAL.

BUT EVEN BEFORE THE STORM

SWEPT IN, IT WAS CAUSING BIGñ

PROBLEMS WITH SCHOOL ANDñ

WORK SCHEDULES, ALONG WITH

TRAVEL IN AND OUT OF THATñ

BUSY TOWN.

JOHN JESSUP REPORTS FROM

WASHINGTON.

Reporter: AS IT MADE

ITS WAY ACROSS THE NATION'S

MID SECTION, THE STORM

DUMPED NEARLY A FOOT OF SNOW

IN CHICAGO, CANCELLING 900

FLIGHTS AT O'HARE ALONE.

HUNDREDS MORE CANCELLATIONS

ARE EXPECTED TODAY IN

AIRPORTS ALONG THE WEATHER

SYSTEM'S PATH.

HOURS BEFORE THE STORM HIT

WASHINGTON, CREWS PREPARED

THE ROADWAYS FOR POTENTIALLY

HAZARDOUS DRIVING

CONDITIONS.

WE'RE GOING TO WORK AS

HARD AS WE CAN.

Reporter: THEY WANT TO

AVOID SCENES LIKE THIS IN

WISCONSIN, WHERE A TRUCK

PLUNGED OFF AN ICY BRIDGE,

KILLING THE DRIVER.

THE STORM HAS BEEN DUBBED

"THE SNOWQUESTER" AND PEOPLE

IN THE STORM'S PATH WEREN'T

TAKING ANY CHANCES, STOCKING

UP ON EVERYTHING THEY NEEDED

BEFORE THE STORM HIT.

WHAT WE HAD HERE THIS

MORNING, ALL SOLD IN THE

FIRST FEW HOURS, AND WE WENT

BACK TO GET MORE.

BREAD.

CHECK.

TOILET PAPER?

CHECK.

WATER?

CHECK.

Reporter: FORECASTERS

PREDICT BETWEEN SIX TO

10 INCHES OF SNOW WILL COVER

THE CAPITAL AREA BY THE TIME

THE SYSTEM MAKES ITS WAY

THROUGH.

AND AS MUCH AS 16 INCHES IN

THE NEARBY MOUNTAINS OF

WESTERN MARYLAND.

THE FEDERAL GOVERNMENT

CLOSED ITS OFFICES ON

TUESDAY, EXCUSING ALL

NON-EMERGENCY EMPLOYEES FOR

THE DAY.

WHILE THE WEATHER WAS CAUSE

FOR CHEERING FOR THESE FOLKS

IN INDIANA, OTHERS, ALREADY

WEARY OF WINTER, AREN'T IN

THE CELEBRATING MOOD.

THE SNOW?

I'M TIRED OF IT.

IT HAS BEEN ENOUGH.

Reporter: JOHN JESSUP,

CBN NEWS, WASHINGTON.

Lee: PAT, WE'RE GLAD TO

SEE THAT JOHN JESSUP AND THE

REST OF OUR CREW IN

WASHINGTON MADE IT TO WORK

TODAY.

Pat: AND THE SEQUESTER,

GET THE WORD TO AL GORE.

IT IS THE WARMING THAT IS

DOING ALL OF THIS.

GLOBAL WARMING IS BRINGING

ON ALL OF THE SNOWS AND

FREEZING WEATHER.

LEE?

Lee: THERE IS LITTLE

OPTIMISM THAT THE DEATH OF

HUGO CHAVEZ WILL BRING ABOUT

REAL CHANGE IN THAT

COUNTRY.

THE CONTROVERSIAL

58-YEAR-OLD LEADER DIED ON

TUESDAY, FOLLOWING A LONG

BATTLE WITH CANCER.

WHILE SOME VENEZUALANS ARE

MOURNING, OTHERR OTHERS ARE

CELEBRATING.

Reporter: HUGO CHAVEZ

SAW HIMSELF AS A CHAMPION

FOR VENEZUALA'S POOR.

HE IMAGINED THAT THE UNITED

STATES AND GEORGE W. BUSH

WERE THE CENTER OF ALL

EVIL.

YESTERDAY, THE DEVIL CAME

HERE.

RIGHT HERE.

AND IT SMELLS OF SULFUR

STILL TODAY.

Reporter: HE ALSO SAID

THAT CAPITALISM MAY HAVE

ENDED LIFE ON MARS, THAT THE

U.S. HAD A SECRET EARTHQUAKE

WEAPON, AND TWITTER WAS

TERRORISM.

BUT HUGO CHAVEZ'S LEGACY CAN

BE VIEWED AS A WASTED

OPPORTUNITY IN A NATION THAT

DESPERATELY NEEDED MORE FROM

ITS LEADER.

ONE OF THE MOST OIL-RICH

NATIONS IN THE WORLD, YOU

WOULD HARDLY KNOW IT BY

VISITING PARTS OF

VENEZUALA.

IT HAS 22% INFLATION.

AND WHILE A LOT OF THE OIL

MONEY WAS USED TO ALLEVIATE

POVERTY, A LOT OF IT WAS

USED TO FURTHER CHAVEZ'S

ANTI-AMERICAN REVOLUTION.

BUT VENEZUALA'S POOR

BELIEVED HER CARED ABOUT

IT.

HE CARED ABOUT US.

HE DID NOT GIVE ANYTHING TO

ME, BUT HE GAVE IT TO MY

PEOPLE.

Reporter: THEY ARE

HOPING THAT CHAVEZ'S DEATH

COULD MEAN FULL DEMOCRACY TO

VENEZUALA.

IT IS HARD NOT TO BE

HAPPY, EVEN WITH SOMEBODY

DEAD.

I THINK I'M HAPPY BECAUSE

THIS IS THE WINDOW OF

OPPORTUNITY.

Reporter: CHAVEZ ALSO

MADE THE HEMISPHERE MUCH

MORE DANGEROUS, BUT MAKING

IRAN AN ALLY.

HE TOLD THE NATION ON STATE

TELEVISION, THAT THE UNITED

NATIONS HAD A HAND IN

CHAVEZ'S DEATH.

VENEZUALA'S CONSTITUTION

SAYS NEW ELECTIONS FOR

PRESIDENT MUST BE HELD IN 30

DAYS.

DALE HERD, CBN NEWS.

Lee: CHAVEZ CERTAINLY

HATED THE U.S., BUT HE

DIDN'T MIND TAKING OUR

MONEY.

DIDN'T HE SELL US A BUNCH OF

OIL OUT OF THAT COUNTRY?

Pat: WELL, CITCO WAS A

VENEZUALAN SUBSIDIARY, AND

YES, HE WAS SELLING US QUITE

A BIT OF IT.

SOUR CRUDE IS WHAT THEY

PRODUCED.

DALE GOT ME IN A LOT OF

TROUBLE A FEW YEARS AGO.

HE DID A PIECE ON CHAVEZ

THAT SHOWED THE THUGGERY AND

THE MURDERS AND THE TERRIBLE

ABUSE OF POWER.

AND HE DID AN INTERVIEW WITH

SOMEBODY FROM CHAVEZ, AND HE

SAID THEY'RE TRYING TO

ASSASSINATE ME.

AND SOMEBODY JUMPED IN AND

SAID, MAYBE THEY OUGHT TO GO

AHEAD AND DO IT.

AND AT WHICH TIME THOSE WHO

MONITOR EVERYTHING I SAY TO

MAKE ME LOOK SILLY, RAN IT

ACROSS THE WORLD.

ONE OF THE ORGANIZATIONS --

I THINK MEDIA MATTERS HADN'T

GOTTEN IN THE GAME THEN.

AND THEY FED IT TO THE A.P.,

AND THEY BLASTED IT ALL OVER

THE WORLD, THAT ROBERTSON

CALLED FOR THE ASSASSINATION

OF CHAVEZ.

NOBODY ASSASSINATED HIM, BUT

CANCER BROUGHT HIM DOWN.

AND NOBODY IN THIS PART OF

THE WORLD IS MOURNING HIS

DEPARTURE.

HE TRIED TO FORM THE

REVOLUTION.

HE TRIED IN ECUADOR,

SOMEWHAT SUCCESSFUL.

HE TRIED IN BOLIVIA,

SOMEWHAT SUCCESSFUL.

HE TRIED TO GET

LATIN-AMERICA AGAINST THE

UNITED STATES.

HE COSIED UP TO AHMADINEJAD.

HE KEPT THE CUBANS

REVOLUTION GOING.

AND HE SUPPORTED THE FARAH

GUERRILLAS IN COLUMBIA.

AND HE IS GONE.

THE MAN WHO IS TAKING HIS

PLACE IS AS MUCH A HARDLINER

AS HE IS, BUT WE'LL HAVE TO

WAIT AND SEE.

I DO NOT MOURN.

Lee: AMERICANS BLAME

PRESIDENT OBAMA AND THE

DEMOCRATS NEARLY AS MUCH AS

REPUBLICANS FOR THE RECENT

BUDGET CUTS IN WASHINGTON.

PRESIDENT OBAMA REPEATEDLY

BLAMED HOUSE REPUBLICANS FOR

THE FAILURE TO REACH A

DEAL.

BUT A NEW POLL FROM REUTERS

INDICATES 38% OF AMERICANS

SAY REPUBLICANS AND

DEMOCRATS IN THE CONGRESS

AND THE PRESIDENT DESERVE

THE BLAME.

27% BLAME THE REPUBLICANS,

17% BLAME THE PRESIDENT.

AND PRESIDENT OBAMA'S

APPROVAL RATING HAS FALLEN

TO 43%, DOWN FROM 50% LESS

THAN A MONTH AGO.

THE WHITE HOUSE AND

CONGRESSIONAL REPUBLICANS

ARE QUIETLY WORKING

TOGETHER, WE'RE TOLD, TO

FIND WAYS TO LESSEN THE

IMPACT OF THE RECENT BUDGET

CUTS.

DESPITE THOSE CUTS, MANY

GOVERNMENT AGENCIES ARE

ACTUALLY HIRING.

400 JOB ADS WERE POSTED ON

THE FIRST DAY AFTER THE

CUTS.

MANY IN DEPARTMENTS THAT ARE

CONSIDERING FURLOUGHS.

NEARLY A QUARTER WERE IN

MEDICAL OR PUBLIC HEALTH

FIELDS.

67 WERE IN MANAGEMENT OR

CLERICAL SERVICES, AND

ANOTHER 21 WERE IN

INFORMATION TECHNOLOGY.

A NEW GOVERNMENT REPORT SAYS

THE U.S. SPENT TOO MUCH

MONEY FOR TOO FEW RESULTS IN

IRAQ.

AMERICAN TAXPAYERS SPENT

$60 BILLION ON

RECONSTRUCTION ALONE.

THAT'S ABOUT $15 MILLION A

DAY.

OVERALL, THE U.S. HAS SPENT

AT LEAST $767 BILLION IN

IRAQ.

THE SPECIAL INSPECTOR

GENERAL FOR IRAQ

RECONSTRUCTION SAYS A GREAT

DEAL OF THAT MONEY WAS

SIMPLY WASTED.

THE "NEW YORK TIMES"

HIGHLIGHTS A KEY POINT OF

THE REPORT: THE OBAMA

ADMINISTRATION FAILED TO

NEGOTIATE A MILITARY

AGREEMENT WITH THE IRAQI

GOVERNMENT BEFORE PULLING

OUT.

BECAUSE OF THAT, PAT, THE

U.S. HAS LIMITED INFLUENCE,

DESPITE ENORMOUS SACRIFICES

THAT AMERICANS MADE TO

LIBERATE THAT COUNTRY.

Pat: LEE, IT IS A

SHAME.

PEOPLE GET MAD AT ME IF I

EVER CRITICIZE SOMEBODY WHO

IS A REPUBLICAN, BUT I'VE

GOT TO SAY THAT WAR WAS A

DISASTER.

AND IT WAS ILL-ADVISED.

GEORGE BUSH GOT US INTO IT,

AND WE ALL CHEERED, AND THE

SOLDIERS WENT OUT THERE AND

FOUGHT.

MANY WERE WOUNDED.

MANY WERE TERRIBLY

DISFIGURED BY I.U.D.s, AND

SO FAR.

BUT I'LL TELL YOU, I THINK

IT WAS A WASTE OF MONEY.

WHAT HAVE WE GOT OUT OF IT?

WE'VE SPENT A TRILLION

DOLLARS OR MORE, RUN UP THIS

HUGE DEBT, AND WHAT DO WE

HAVE?

WE'VE GOT AN INSURGENT

INSURGENCY IN AF

AFGHANISTAN.

WE'VE GOT SHIITE AND SUNNIS

AT EACH OTHER'S BACK.

YET IN KIRKUT, THEY'RE FAT

AND HAPPY AND PRODUCING

OIL.

IRAQ HAS OIL, AND IF ANYBODY

WOULD GET IT OUT -- BUT IT

IS STILL SUBJECT TO

VANDALISM BY INSURGENT

GROUPS AND MILITANT

JIHADIS.

NEVERTHELESS, I SHAKE MY

HEAD.

WE SHOULD NEVER HAVE DONE

IT.

WE SHOULD NEVER HAVE DONE

IT.

AND WE HAD AN OPPORTUNITY --

IT WAS BROUGHT TO THE WHITE

HOUSE.

AND A GUY NAMED TONY LAKE,

ADVISOR TO THE PRESIDENT,

SAID NO, WE CAN'T DO IT.

BUT A GROUP OF IRAQIS HAD

OFFERED TO SURROUND SADDAM

HUSSEIN IN A PLACE WHERE

THEY KNEW HE WAS GOING, AND

ELIMINATE HIM.

AND HAD THEY DONE THAT, WE

WOULDN'T HAVE HAD TO FIGHT

THAT AWFUL WAR.

BUT THE WHITE HOUSE SAID,

NO, DON'T DO IT.

SO WE LOST AN OPPORTUNITY,

AND WE HAD TO GO TO WAR AT

AN ENORMOUS COST OF

MANPOWER, COST OF TREASURE,

COST OF THE HEALTH OF OUR

NATION.

FOR WHAT?

WELL, THE JURY IS STILL OUT,

BUT IT DOESN'T LOOK GOOD.

LEE?

Lee: HEALTH OFFICIALS

REPORT AN ALARMING INCREASE

IN DANGEROUS SUPER BUGS IN

U.S. HOSPITALS.

THE CENTERS FOR DISEASE

CONTROL REPORT NEARLY 200

U.S. HOSPITALS SAW ONE CASE

IN THE FIRST HALF OF LAST

YEAR.

SUPER BUGS ARE EXTREMELY

RESISTANT TO ANTIBIOTICS.

HEALTH OFFICIALS CALL THEM

NIGHTMARE BACTERIA.

THEY'VE BEEN SEEN IN 42

STATES, AND THREATEN TO

SPREAD THEIR RESISTANCE TO

OTHER BACTERIA.

THE C.D.C. DIRECTOR SAYS

THERE IS ONLY A LIMITED

AMOUNT OF TIME TO STOP THE

BACTERIA FROM SPREADING.

PAT?

Pat: IT IS A

FRIGHTENING REPORT.

IF YOU CAN POSSIBLY AVOID

IT, STAY OUT OF HOSPITALS.

IT USED TO BE HOSPITAL STAFF

WAS THE THING WE WORRIED

ABOUT, BUT IT IS FAR, FAR

WORSE THAN THAT.

AND THESE INFECTIONS ARE

THERE, AND HOSPITALS NEED TO

USE SUPER HUMAN MEANS TO

CONTROL THE SPREAD OF THESE

BACTERIA.

BUT NOW WE'RE TALKING ABOUT

SUPER BACTERIA THAT IS

TOTALLY RESISTANT TO

ANTIBIOTICS.

SO STAY OUT OF HOSPITALS, IF

POSSIBLE.

THE ARKANSAS STATE SENATE

HAS VOTED TO OVERRIDE THE

GOVERNOR'S DECISION ON WHAT

COULD BE THE MOST

RESTRICTIVE ABORTION BAN IN

THE NATION.

DEMOCRATIC GOVERNOR MIKE

BEEBE VETOED ABORTION ONCE A

HEARTBEAT CAN BE DETECTED.

THE GOVERNOR TOLD LAWMAKERS

THE BILL IS

UNCONSTITUTIONAL.

BEEBE USED THE SAME

REASONING LAST WEEK WHEN HE

VETOED A 20-WEEK ABORTION

BAN.

EACH CHAMBER NEEDS ONLY A

SIMPLE MAJORITY TO OVERRIDE

A VETO IN ARKANSAS.

CITY COUNCIL MEMBERS IN

CAVESPRINGS, GEORGIA, HAS

VOTED TO STOP SAYING THE

LORD'S PRAYER BEFORE THE

MEETINGS.

THE ATTORNEY SAID, QUOTE,"IT

JUST HAS TO BE A MORE

GENERIC-TYPE THING."

THE PASTOR WILL HAVE PASTORS

FROM THE SIX CHURCHES IN THE

TOWN TAKE TURNS SAYING A

PRAYER AT MEETINGS.

YOU CAN ALWAYS GET THE

LATEST AT CBN NEWS BY GOING

TO OUR WEBSITE AT

CBNNEWS.COM.