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American Morning
'Political Pop': Playing the Field; 'Live Rich Today'
Aired June 24, 2004 - 07:30 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Soledad, about 7:30 here in New York now. Time for "Political Pop." On the left, back with us, Democratic strategist Karen Finney.
Good morning, Karen.
KAREN FINNEY, DEMOCRATIC STRATEGIST: Good morning.
HEMMER: Holding the middle, or trying, comedian Paul Mercurio.
Good morning, Paul.
PAUL MERCURIO, COMEDIAN: Good morning.
HEMMER: On the right, WABC radio talk show host Mark Simone, back with us well.
Nice to see you also.
MARK SIMONE, WABC RADIO TALK SHOW HOST: Good to see you.
HEMMER: Paul, you're the virgin. We'll start there.
MERCURIO: Oh, thanks. Wow!
(CROSSTALK)
FINNEY: We'll get to that in just a minute, I'm sure.
HEMMER: No, we won't. Apparently, Ralph Nader got an earful...
MERCURIO: Yes.
HEMMER: ... earlier this week by the Congressional Black Caucus.
MERCURIO: Right.
HEMMER: Some described it as testy. What's the Nader effect this year?
MERCURIO: Well, I don't think -- I think it's new. I don't think there's an effect. I mean, the reality is he's going to keep running. I mean, I've got a new slogan for him: Ralph Nader, a champion for Ralph Nader. The reality is that this guy is losing it left, right and center. I mean, when the Black Congressional Caucus is arguing with you, think about what disdain that Nader has for the Republicans. HEMMER: Do you think would that dissuade him?
MERCURIO: The disdain -- just think about this. The disdain that Republicans -- that he has for the Republicans and blacks still don't support you, it's time to give up.
FINNEY: You know it's time to go.
HEMMER: Apparently, the walls were shaking down there on Capitol Hill, Karen.
FINNEY: Absolutely. No, it's true actually. And, you know, what you're saying is right in terms of his losing support. There is actually a Web site called RepentantNaderVoter.com, which has these mea culpas from all of these former Nader supporters who have agreed to try to get other former supporters to vote for Kerry. So, I don't know who he's got.
MERCURIO: There is too much at stake at this time around. People aren't going to fall for it. Everybody is freaked out now. But in the end, no effect. He's the Y2K of this election.
HEMMER: Do you think Nader is listening?
SIMONE: People don't realize that Nader is as mad at the Democrats as he is at the Republicans. I mean, Clinton gave contracts to Halliburton for eight years, $2.7 billion worth.
FINNEY: Yes, but...
SIMONE: No administration did more for a company than the Clinton administration did for Enron. Nader has got as much against the Democrats as the Republicans.
MERCURIO: But it doesn't matter that his -- he's saying that the American public wants a third voice, his voice. His voice...
HEMMER: And his voice is saying get out of Iraq now.
MERCURIO: Right. He wants to hear his voice. He got 3 percent of the vote in the last election. He's running again. He's not listening to our voice, but we don't want to hear his voice.
HEMMER: The head of the CBC said, Mr. Nader, if you really are a friend, you need to move on. We've got to move on, too.
MERCURIO: Right.
FINNEY: Yes.
HEMMER: Karen, John Kerry went off the stump back to Capitol Hill the other day to participate in a vote on veterans' issues regarding health care, et cetera. Was never allowed to vote because the vote never happened. What happened?
FINNEY: It was a stunning display of power on the part of the Republicans actually. I mean, it was -- and I have to say as a Democrat I was jealous. I was, like, god, I wish we could be organized enough to pull something like that off. It was a bad thing. It was unbelievable.
SIMONE: It was such a dirty trick, they tried to hold it on the weekend.
FINNEY: It was a dirty trick.
MERCURIO: No, leave it to...
FINNEY: Oh, come on.
MERCURIO: Leave it to the Republicans on making it hard on Kerry. These people know how to make it hard on somebody holding down two jobs. That's the reality here.
SIMONE: Well, he's not holding down the other one. He didn't show up for 125 votes. I hate to put it this way, Reagan spent more time in the Capitol this year than Kerry has.
FINNEY: Oh, but you know what? This is such a classic election year. I mean, look, Democrats do it to Republicans, Republicans do it to Democrats in every race. It's a classic attack.
MERCURIO: That's exactly right. I mean, think about what the Republicans are saying that he's politically motivated, Kerry is. OK, what did they do? They withheld a crucial vote on a veterans' medical needs bill. That's political motivating. That's what the American public wants.
(CROSSTALK)
HEMMER: I've got two on one today.
SIMONE: How come if Bush -- Bush missed six weekends of the National Guard 30 years ago, and Kerry thinks that's crucial. He just missed 125 votes. People lost unemployment benefits because he didn't show up.
MERCURIO: But I'll give you this. I'll give you this. He missed 70 percent of the vote last year and 90 percent of the vote this year. They say he flip-flops. He's committed to missing votes.
HEMMER: The majority leader of the Senate, Bill Frist, said Senator Kerry parachutes in for a day and then takes off once again. No more civility left in the Senate.
FINNEY: No, the gloves are off.
HEMMER: Mark, let's move to this other issue in the Senate. They passed this bill on indecency.
SIMONE: Yes.
HEMMER: They're saying folks like you could be fined up to $3 million a day.
SIMONE: This may come as a great shock to you, but I'm not indecent on the air. This is like saying they increased the penalty for murder. Just don't commit one and you don't have to worry. I mean, it's not like worrying about taxing the middle-class. Why are we worried about taxing shock jocks?
MERCURIO: Didn't we have perspective here? Isn't it about what's indecent given what's going on in this world right now? I mean, is Janet Jackson's bare breast indecent when you've got all of these people...
HEMMER: It always comes back to Janet.
FINNEY: It always comes back Janet.
MERCURIO: All of these people baring -- all of these people are baring their...
FINNEY: You know, I think the devil is in the details actually, because, I mean, do we really want Trent Lott telling us what's decent or indecent? I frankly would rather have Ted Kennedy, because I think it would be a little more fun.
SIMONE: Well, remember, this vote was 99 to one. Democrats also voted this, too.
FINNEY: It's true.
MERCURIO: Well, I think the whole issue is that the government is telling me that we're not equipped to fight terrorism. That's indecent. OK. Stop worrying about protecting me on TV from the F- bomb...
FINNEY: No.
MERCURIO: ... and start worrying about protecting me from dirty bombs in my neighborhood. You know when you're going to hear indecent language? When I'm running through the subway away from a mustard gas attack. Then you can fine me all you want.
SIMONE: As long as you have your -- as long as you have your clothes on.
FINNEY: It's just a classic election year issue, frankly. I mean, who's not going to vote for protecting children from the evils of Hollywood? So, I mean, that's all it was.
HEMMER: Karen, your chance to get back at Mark, listen to his radio program for very single word.
FINNEY: You know I will. You know I'm going to write it down and call it in.
SIMONE: (UNINTELLIGIBLE) indecency off the air when it belongs.
FINNEY: That's right.
MERCURIO: Well, you talked about the evils of Hollywood.
HEMMER: That will work.
MERCURIO: That's exactly right. I mean, look, the biggest indecent thing going on right now is reality television. "The Littlest Groom," "My Big, Fat Obnoxious Fiance," it was indecent for him to bare his breasts. That's the real issue here. It's got to be perspective.
HEMMER: You came to play, Paul.
FINNEY: He came ready to play.
HEMMER: Thanks. Here's Soledad.
O'BRIEN: Still to come on AMERICAN MORNING, our personal finance coach says you need to go on auto pilot if you want to build up your nest egg. He's going to stop by to explain what he means.
Also this morning, the book blitz must be working. Former President Bill Clinton smashes records. A look at that as AMERICAN MORNING continues.
(COMMERCIAL BREAK)
O'BRIEN: Saving and investing are the keys to future wealth, and our resident financial contributor, David Bach, says you can accomplish that goal automatically, really, without lifting a finger. He is the best-selling author of "The Automatic Millionaire." He joins us this morning with some advice as we debut a new series on how to "Live Rich Today."
Good morning. I like the name of that.
DAVID BACH, CNN PERSONAL FINANCE CONTRIBUTOR: Good morning.
O'BRIEN: How to "Live Rich Today." All right.
BACH: One finger, you need to lift one finger.
O'BRIEN: Just one finger?
BACH: And it takes 10 minutes and then you're done.
O'BRIEN: So, you say -- people have said, pay yourself first, but you say it's got to be automatic. What do you mean by that?
BACH: Yes, first of all, let's explain what pay yourself first means, because a lot of people hear it, but they don't do it and they don't know what it means. What pay yourself first means is the first person who literally gets paid out of your paycheck is you.
O'BRIEN: So, you get your paycheck and you literally take x number of dollars out.
BACH: Automatically.
O'BRIEN: Just into your 401(k) kind of thing?
BACH: The only way you can pay yourself first is you have to use a retirement account. It has to be a 401(k) plan, a self-employed retirement account or a deductible IRA. Roth IRAs doesn't count, because in order to pay yourself first, the money has to avoid federal and state taxes.
So, again, how do you do this? You walk into your employer today and you say, sign me up for my 401(k) plan. I want you to take one hour a day directly out of my paycheck, move that money automatically for me. Now, the reason it's one hour a day is one hour a day is the magic amount of money that if you saved it consistently over your lifetime, you'll have complete financial security.
O'BRIEN: Oh, really?
BACH: And the thing -- your eyes go, really. I mean, the thing is this.
O'BRIEN: It sounds good.
BACH: A lot of people who are on their way to work right now are living paycheck to paycheck. Recently, "The Wall Street Journal" said that 69 percent of Americans are living paycheck to paycheck. People are under enormous financial pressure. And my response to them is, make your life easy. Forget discipline. Forget a budget. Just decide today to pay yourself first one hour a day.
O'BRIEN: Let me run through some of these tips. You say, one, this payroll deduction...
BACH: Yes.
O'BRIEN: ... two, deduct it from your checking account, three, automatic investment plan -- all these things. And lower -- the four rather, online bill pay. Why do you have -- so many people have told me to do that. I don't mind writing checks. I mean, why do you that's crucial?
BACH: Well, because you're busy. People are so busy today that whatever we can do to take the work out of our lifestyle makes our life easier. So, for instance, online bill pay, you can have all of your bills today go to online bill pay, where you click a button and, boom, those bills get paid. Or you can...
O'BRIEN: But aren't I paying for that service?
BACH: Well, it depends on where you go. Most banks today are offering it for free. If you use an online bill presentment company like, for instance, Statisfactory.com or Paytrust.com, it cost about 10 bucks a month. I will tell you that the time it saves you on average is at least a couple hours a month. And, most importantly, if you want you can even automate your bills, so that when your bill comes in they automatically get paid without you even having to look at them.
O'BRIEN: See, don't you lose something by not looking at your bills? I mean, don't looking -- doesn't looking at your bills help you kind of track what you're spending?
BACH: I think it depends on the bill. For instance, your mortgage payment doesn't change. So, your mortgage statement is the same amount every month. Now, I recommend you look at it, but, really, that can be automated. Your cell phone bill may not change. Your credit card bill, yes, you should look at that every single month.
So, again, it's just putting your financial life on autopilot so that you save time. And, most importantly, that you really save money.
O'BRIEN: You've got a list of things that you think people should do literally today. And you say set up the automation process so that you don't have to do anything besides lifting that one little finger, as you talk about. Also, contribute at least 10 percent of your income to a retirement account, and strive to contribute the maximum amount.
Many people would say, well, I'd love to contribute the maximum amount, but then there's that car payment and my mortgage payment, and then I've got to eat and I've got to pay my rent, things like that.
BACH: Saving money is a lot like exercise. I mean, if you've never exercised before and you go work out a couple days in a row, your body gets sore. You're like, oh, my god. It goes into shock. Saving money is the same thing. You may not go from saving zero to saving 10 percent.
So, I recommend, look, save 1 percent this month. Then increase it by 1 percent the next month. Do that for a whole year. At the end of the year you're saving 12 percent of your income. And guess what? Financially you've gotten stronger each month, you barely feel it. Before you know, you're a financially healthy person.
O'BRIEN: And you're living rich today.
BACH: And you're living rich today.
O'BRIEN: It's the name of our new series, I tell you, I like that title.
BACH: Thank you, Soledad.
O'BRIEN: David Bach, it's always nice to see you. Thanks for some great advice.
BACH: Thank you. O'BRIEN: David, of course, hosts a nationally-syndicated radio show. It airs on Saturday afternoons on Sirius Satellite Radio. He's going to join us each Thursday right here on AMERICAN MORNING with tips to follow today so that you can live rich -- Bill.
HEMMER: Soledad, in a moment, a big company says it's cutting jobs because too many people are cutting carbs. Andy is "Minding Your Business." We'll get to that, top stories, too, right after this on a busy morning here on AMERICAN MORNING.
(COMMERCIAL BREAK)
HEMMER: It's 45 minutes past the hour. A check of the other news now. Here's Daryn Kagan yet again at the CNN center.
Good morning there -- Daryn.
DARYN KAGAN, CNN ANCHOR: Good morning once again, Bill.
We're going to begin with an explosion in Turkey. A small bomb went off near a hotel in Ankara, where President Bush is reportedly expected to stay when he visits this weekend. The president's stop in Ankara was planned ahead of next week's NATO summit in Istanbul. Turkish police say at least two people were injured in today's explosion, including a police officer.
Back here in the U.S. and Washington, a major defense spending bill is clearing another hurdle. The Senate approved the nearly $450 billion measure yesterday. It includes $25 billion for operations in Iraq and Afghanistan. It would also give the military a pay raise and increase troop levels.
To California, there will be some changes in the Scott Peterson trial. Juror No. 5, his name is Justin Falconer. He was dismissed yesterday. The move coming after he was seen on videotape speaking with Laci Peterson's brother. The judge didn't give a reason for the dismissal, but told Falconer that he was a distraction to the case. A defense motion for a mistral was rejected. We will hear from Justin Falconer in our next hour.
An Oregon softball coach and a teenage girl missing since September have surrendered to police in Tennessee. Michelle Smith was just 15 years old when she disappeared nine months ago. She was found yesterday in Tennessee with Andrew Garver. The pair turned themselves in to police after a minor traffic accident.
And copies of former President Clinton's memoir, "My Life," are flying off the bookstore shelves. The book's publisher says first-day sales in the U.S. alone passed 400,000 copies. That, by the way, is a record for a nonfiction work. It puts the former president's book ahead of his wife, Senator Hillary Clinton's book that was called "Living History." It' not like it's a competition, but that's what the scorecard reads.
O'BRIEN: You know the two of them are saying, oh, my book sold better. KAGAN: Yes.
O'BRIEN: I'm sure that's happening. Daryn, thanks a lot.
KAGAN: Sure.
O'BRIEN: Well, the carb-cutting craze is leading one company to cut jobs. Andy Serwer "Minding Your Business" this morning.
Good morning.
ANDY SERWER, "FORTUNE" MAGAZINE: Good morning to you again.
The American Italian Pasta Company is cutting 100 jobs and shutting down a factory in Kenosha, Wisconsin, because they're not selling enough pasta because of the low-carb craze. Even though, Soledad, they have been contracted to make Atkins low-carb pasta. That's kind of that oxymoron thing that we wondered if it would really work.
O'BRIEN: Yes.
SERWER: Apparently it's not working enough. They make Mueller's and Ronco pasta, and profit has been down two quarters in a row and it just continues to wreak havoc throughout the food business. We've seen this time and time again.
O'BRIEN: You know, that's sad.
SERWER: It is sad. It's 100 jobs.
O'BRIEN: How about the oil business in Norway?
SERWER: Oh, my favorite subject?
O'BRIEN: Yes, it kind of has been.
HEMMER: Again?
SERWER: The striking Norwegian oil workers.
O'BRIEN: Or (UNINTELLIGIBLE)? I mean, you laugh, but I'm serious.
SERWER: No, the thing is, this is why you watch CNN because we have footage of the striking Norwegian oil workers. This is really something. Here we go. Here they are, all three or four of them. It looks like a fish concert. This is serious stuff, though. These guys are...
O'BRIEN: It's having a big impact.
SERWER: It is. And actually on Monday they are threatening to shut down all of Norway, the third largest exporter of oil in the world, three million barrels a day. So, it's really serious stuff. I want to do a quick check of the markets. A nice day yesterday, up about 84 points on the Dow. The Nasdaq over 2,000, Bill Hemmer, and the stocks are at the highest they've been in nearly two months.
HEMMER: Oh, that's (UNINTELLIGIBLE).
O'BRIEN: That is.
(CROSSTALK)
SERWER: We keep going up, down, up, down over the (UNINTELLIGIBLE).
O'BRIEN: All right, thanks, Andy. Appreciate it.
SERWER: You're welcome.
O'BRIEN: Coming up in our next hour, why they might want to start working on that ark down in Texas. We'll explain straight ahead. Look at those pictures. Yes, a lot of water there. We're back in a moment.
(COMMERCIAL BREAK)
O'BRIEN: Welcome back, everybody. Time to check in with Toure. He's got the "Question of the Day." He's in for Jack this morning.
Hello.
TOURE, "ROLLING STONE" MAGAZINE: Yes, back again. And the rules are the same as yesterday: don't knock the hustle. Whatever you want to do, don't knock the hustle.
All right, a survey of 1,000 men by the National Marriage Project at Rutgers University, reasons for getting married: right time to settle down, having children, pressure from the woman. Are there guys who are saying, marry me or else? I don't think so. Maybe. I don't know. Maybe not.
O'BRIEN: Maybe. Why not?
HEMMER: You're not one of them, are you?
TOURE: I'm not one of them. I'm happily marching to the alter. Billy is holding back, but we're going to get you there.
O'BRIEN: We're working on it.
HEMMER: Time for everything, right?
O'BRIEN: Yes.
TOURE: So, why get married?
Tom from Roxbury, New Jersey, says: "I'm 35, thinking of doing it again. Top reason: car insurance rates in New York are so high, getting married is the only thing I can do to get my rates to go down." I love you, honey.
HEMMER: Call Geico.
O'BRIEN: That's a relationship that's going to last. OK, moving on.
TOURE: David from D.C.: "Why else do you get married? Tax breaks." Hello. Good answer.
Elizabeth from Boston: "Because we can," she says. "Finally, equal marriage rights for all Massachusetts residents. I'm looking forward to finally being legally allowed to care for my family." That's beautiful.
And Chris from L.A. says: "Why get married, indeed. Soledad is already spoken for. Maybe if Daryn Kagan was interested. Otherwise, I'm going to be a swinging single."
And, yes, absolutely there's a lot of people second that.
HEMMER: I think that's a proposal actually right there live on TV. Is Daryn still with us by chance?
O'BRIEN: Daryn. Daryn, are you around?
HEMMER: She's not!
O'BRIEN: Daryn, and Chris is from Los Angeles. Isn't she from Los Angeles?
HEMMER: There you go.
(CROSSTALK)
O'BRIEN: Already something in common.
TOURE: She'll probably do, like, Phylicia Rashad did when Ahmad asked her, and she said, "Maybe," like I don't know, brother.
HEMMER: Thank you, Toure. Good to you have you.
O'BRIEN: Thanks, Toure.
TOURE: Thank you.
(WEATHER BREAK)
HEMMER: In a moment, juror No. 5 gets the boot from the Scott Peterson trial. He says he's already made up his mind on Peterson's guilt. We'll talk to him live in a moment here live on AMERICAN MORNING.
(COMMERCIAL BREAK)
O'BRIEN: Coming up in the next hour on American, the Saudis tell terrorists to turn themselves in or else. Or else what? We're going to get some answers to that question as we continue right after this.
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Aired June 24, 2004 - 07:30 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: Soledad, about 7:30 here in New York now. Time for "Political Pop." On the left, back with us, Democratic strategist Karen Finney.
Good morning, Karen.
KAREN FINNEY, DEMOCRATIC STRATEGIST: Good morning.
HEMMER: Holding the middle, or trying, comedian Paul Mercurio.
Good morning, Paul.
PAUL MERCURIO, COMEDIAN: Good morning.
HEMMER: On the right, WABC radio talk show host Mark Simone, back with us well.
Nice to see you also.
MARK SIMONE, WABC RADIO TALK SHOW HOST: Good to see you.
HEMMER: Paul, you're the virgin. We'll start there.
MERCURIO: Oh, thanks. Wow!
(CROSSTALK)
FINNEY: We'll get to that in just a minute, I'm sure.
HEMMER: No, we won't. Apparently, Ralph Nader got an earful...
MERCURIO: Yes.
HEMMER: ... earlier this week by the Congressional Black Caucus.
MERCURIO: Right.
HEMMER: Some described it as testy. What's the Nader effect this year?
MERCURIO: Well, I don't think -- I think it's new. I don't think there's an effect. I mean, the reality is he's going to keep running. I mean, I've got a new slogan for him: Ralph Nader, a champion for Ralph Nader. The reality is that this guy is losing it left, right and center. I mean, when the Black Congressional Caucus is arguing with you, think about what disdain that Nader has for the Republicans. HEMMER: Do you think would that dissuade him?
MERCURIO: The disdain -- just think about this. The disdain that Republicans -- that he has for the Republicans and blacks still don't support you, it's time to give up.
FINNEY: You know it's time to go.
HEMMER: Apparently, the walls were shaking down there on Capitol Hill, Karen.
FINNEY: Absolutely. No, it's true actually. And, you know, what you're saying is right in terms of his losing support. There is actually a Web site called RepentantNaderVoter.com, which has these mea culpas from all of these former Nader supporters who have agreed to try to get other former supporters to vote for Kerry. So, I don't know who he's got.
MERCURIO: There is too much at stake at this time around. People aren't going to fall for it. Everybody is freaked out now. But in the end, no effect. He's the Y2K of this election.
HEMMER: Do you think Nader is listening?
SIMONE: People don't realize that Nader is as mad at the Democrats as he is at the Republicans. I mean, Clinton gave contracts to Halliburton for eight years, $2.7 billion worth.
FINNEY: Yes, but...
SIMONE: No administration did more for a company than the Clinton administration did for Enron. Nader has got as much against the Democrats as the Republicans.
MERCURIO: But it doesn't matter that his -- he's saying that the American public wants a third voice, his voice. His voice...
HEMMER: And his voice is saying get out of Iraq now.
MERCURIO: Right. He wants to hear his voice. He got 3 percent of the vote in the last election. He's running again. He's not listening to our voice, but we don't want to hear his voice.
HEMMER: The head of the CBC said, Mr. Nader, if you really are a friend, you need to move on. We've got to move on, too.
MERCURIO: Right.
FINNEY: Yes.
HEMMER: Karen, John Kerry went off the stump back to Capitol Hill the other day to participate in a vote on veterans' issues regarding health care, et cetera. Was never allowed to vote because the vote never happened. What happened?
FINNEY: It was a stunning display of power on the part of the Republicans actually. I mean, it was -- and I have to say as a Democrat I was jealous. I was, like, god, I wish we could be organized enough to pull something like that off. It was a bad thing. It was unbelievable.
SIMONE: It was such a dirty trick, they tried to hold it on the weekend.
FINNEY: It was a dirty trick.
MERCURIO: No, leave it to...
FINNEY: Oh, come on.
MERCURIO: Leave it to the Republicans on making it hard on Kerry. These people know how to make it hard on somebody holding down two jobs. That's the reality here.
SIMONE: Well, he's not holding down the other one. He didn't show up for 125 votes. I hate to put it this way, Reagan spent more time in the Capitol this year than Kerry has.
FINNEY: Oh, but you know what? This is such a classic election year. I mean, look, Democrats do it to Republicans, Republicans do it to Democrats in every race. It's a classic attack.
MERCURIO: That's exactly right. I mean, think about what the Republicans are saying that he's politically motivated, Kerry is. OK, what did they do? They withheld a crucial vote on a veterans' medical needs bill. That's political motivating. That's what the American public wants.
(CROSSTALK)
HEMMER: I've got two on one today.
SIMONE: How come if Bush -- Bush missed six weekends of the National Guard 30 years ago, and Kerry thinks that's crucial. He just missed 125 votes. People lost unemployment benefits because he didn't show up.
MERCURIO: But I'll give you this. I'll give you this. He missed 70 percent of the vote last year and 90 percent of the vote this year. They say he flip-flops. He's committed to missing votes.
HEMMER: The majority leader of the Senate, Bill Frist, said Senator Kerry parachutes in for a day and then takes off once again. No more civility left in the Senate.
FINNEY: No, the gloves are off.
HEMMER: Mark, let's move to this other issue in the Senate. They passed this bill on indecency.
SIMONE: Yes.
HEMMER: They're saying folks like you could be fined up to $3 million a day.
SIMONE: This may come as a great shock to you, but I'm not indecent on the air. This is like saying they increased the penalty for murder. Just don't commit one and you don't have to worry. I mean, it's not like worrying about taxing the middle-class. Why are we worried about taxing shock jocks?
MERCURIO: Didn't we have perspective here? Isn't it about what's indecent given what's going on in this world right now? I mean, is Janet Jackson's bare breast indecent when you've got all of these people...
HEMMER: It always comes back to Janet.
FINNEY: It always comes back Janet.
MERCURIO: All of these people baring -- all of these people are baring their...
FINNEY: You know, I think the devil is in the details actually, because, I mean, do we really want Trent Lott telling us what's decent or indecent? I frankly would rather have Ted Kennedy, because I think it would be a little more fun.
SIMONE: Well, remember, this vote was 99 to one. Democrats also voted this, too.
FINNEY: It's true.
MERCURIO: Well, I think the whole issue is that the government is telling me that we're not equipped to fight terrorism. That's indecent. OK. Stop worrying about protecting me on TV from the F- bomb...
FINNEY: No.
MERCURIO: ... and start worrying about protecting me from dirty bombs in my neighborhood. You know when you're going to hear indecent language? When I'm running through the subway away from a mustard gas attack. Then you can fine me all you want.
SIMONE: As long as you have your -- as long as you have your clothes on.
FINNEY: It's just a classic election year issue, frankly. I mean, who's not going to vote for protecting children from the evils of Hollywood? So, I mean, that's all it was.
HEMMER: Karen, your chance to get back at Mark, listen to his radio program for very single word.
FINNEY: You know I will. You know I'm going to write it down and call it in.
SIMONE: (UNINTELLIGIBLE) indecency off the air when it belongs.
FINNEY: That's right.
MERCURIO: Well, you talked about the evils of Hollywood.
HEMMER: That will work.
MERCURIO: That's exactly right. I mean, look, the biggest indecent thing going on right now is reality television. "The Littlest Groom," "My Big, Fat Obnoxious Fiance," it was indecent for him to bare his breasts. That's the real issue here. It's got to be perspective.
HEMMER: You came to play, Paul.
FINNEY: He came ready to play.
HEMMER: Thanks. Here's Soledad.
O'BRIEN: Still to come on AMERICAN MORNING, our personal finance coach says you need to go on auto pilot if you want to build up your nest egg. He's going to stop by to explain what he means.
Also this morning, the book blitz must be working. Former President Bill Clinton smashes records. A look at that as AMERICAN MORNING continues.
(COMMERCIAL BREAK)
O'BRIEN: Saving and investing are the keys to future wealth, and our resident financial contributor, David Bach, says you can accomplish that goal automatically, really, without lifting a finger. He is the best-selling author of "The Automatic Millionaire." He joins us this morning with some advice as we debut a new series on how to "Live Rich Today."
Good morning. I like the name of that.
DAVID BACH, CNN PERSONAL FINANCE CONTRIBUTOR: Good morning.
O'BRIEN: How to "Live Rich Today." All right.
BACH: One finger, you need to lift one finger.
O'BRIEN: Just one finger?
BACH: And it takes 10 minutes and then you're done.
O'BRIEN: So, you say -- people have said, pay yourself first, but you say it's got to be automatic. What do you mean by that?
BACH: Yes, first of all, let's explain what pay yourself first means, because a lot of people hear it, but they don't do it and they don't know what it means. What pay yourself first means is the first person who literally gets paid out of your paycheck is you.
O'BRIEN: So, you get your paycheck and you literally take x number of dollars out.
BACH: Automatically.
O'BRIEN: Just into your 401(k) kind of thing?
BACH: The only way you can pay yourself first is you have to use a retirement account. It has to be a 401(k) plan, a self-employed retirement account or a deductible IRA. Roth IRAs doesn't count, because in order to pay yourself first, the money has to avoid federal and state taxes.
So, again, how do you do this? You walk into your employer today and you say, sign me up for my 401(k) plan. I want you to take one hour a day directly out of my paycheck, move that money automatically for me. Now, the reason it's one hour a day is one hour a day is the magic amount of money that if you saved it consistently over your lifetime, you'll have complete financial security.
O'BRIEN: Oh, really?
BACH: And the thing -- your eyes go, really. I mean, the thing is this.
O'BRIEN: It sounds good.
BACH: A lot of people who are on their way to work right now are living paycheck to paycheck. Recently, "The Wall Street Journal" said that 69 percent of Americans are living paycheck to paycheck. People are under enormous financial pressure. And my response to them is, make your life easy. Forget discipline. Forget a budget. Just decide today to pay yourself first one hour a day.
O'BRIEN: Let me run through some of these tips. You say, one, this payroll deduction...
BACH: Yes.
O'BRIEN: ... two, deduct it from your checking account, three, automatic investment plan -- all these things. And lower -- the four rather, online bill pay. Why do you have -- so many people have told me to do that. I don't mind writing checks. I mean, why do you that's crucial?
BACH: Well, because you're busy. People are so busy today that whatever we can do to take the work out of our lifestyle makes our life easier. So, for instance, online bill pay, you can have all of your bills today go to online bill pay, where you click a button and, boom, those bills get paid. Or you can...
O'BRIEN: But aren't I paying for that service?
BACH: Well, it depends on where you go. Most banks today are offering it for free. If you use an online bill presentment company like, for instance, Statisfactory.com or Paytrust.com, it cost about 10 bucks a month. I will tell you that the time it saves you on average is at least a couple hours a month. And, most importantly, if you want you can even automate your bills, so that when your bill comes in they automatically get paid without you even having to look at them.
O'BRIEN: See, don't you lose something by not looking at your bills? I mean, don't looking -- doesn't looking at your bills help you kind of track what you're spending?
BACH: I think it depends on the bill. For instance, your mortgage payment doesn't change. So, your mortgage statement is the same amount every month. Now, I recommend you look at it, but, really, that can be automated. Your cell phone bill may not change. Your credit card bill, yes, you should look at that every single month.
So, again, it's just putting your financial life on autopilot so that you save time. And, most importantly, that you really save money.
O'BRIEN: You've got a list of things that you think people should do literally today. And you say set up the automation process so that you don't have to do anything besides lifting that one little finger, as you talk about. Also, contribute at least 10 percent of your income to a retirement account, and strive to contribute the maximum amount.
Many people would say, well, I'd love to contribute the maximum amount, but then there's that car payment and my mortgage payment, and then I've got to eat and I've got to pay my rent, things like that.
BACH: Saving money is a lot like exercise. I mean, if you've never exercised before and you go work out a couple days in a row, your body gets sore. You're like, oh, my god. It goes into shock. Saving money is the same thing. You may not go from saving zero to saving 10 percent.
So, I recommend, look, save 1 percent this month. Then increase it by 1 percent the next month. Do that for a whole year. At the end of the year you're saving 12 percent of your income. And guess what? Financially you've gotten stronger each month, you barely feel it. Before you know, you're a financially healthy person.
O'BRIEN: And you're living rich today.
BACH: And you're living rich today.
O'BRIEN: It's the name of our new series, I tell you, I like that title.
BACH: Thank you, Soledad.
O'BRIEN: David Bach, it's always nice to see you. Thanks for some great advice.
BACH: Thank you. O'BRIEN: David, of course, hosts a nationally-syndicated radio show. It airs on Saturday afternoons on Sirius Satellite Radio. He's going to join us each Thursday right here on AMERICAN MORNING with tips to follow today so that you can live rich -- Bill.
HEMMER: Soledad, in a moment, a big company says it's cutting jobs because too many people are cutting carbs. Andy is "Minding Your Business." We'll get to that, top stories, too, right after this on a busy morning here on AMERICAN MORNING.
(COMMERCIAL BREAK)
HEMMER: It's 45 minutes past the hour. A check of the other news now. Here's Daryn Kagan yet again at the CNN center.
Good morning there -- Daryn.
DARYN KAGAN, CNN ANCHOR: Good morning once again, Bill.
We're going to begin with an explosion in Turkey. A small bomb went off near a hotel in Ankara, where President Bush is reportedly expected to stay when he visits this weekend. The president's stop in Ankara was planned ahead of next week's NATO summit in Istanbul. Turkish police say at least two people were injured in today's explosion, including a police officer.
Back here in the U.S. and Washington, a major defense spending bill is clearing another hurdle. The Senate approved the nearly $450 billion measure yesterday. It includes $25 billion for operations in Iraq and Afghanistan. It would also give the military a pay raise and increase troop levels.
To California, there will be some changes in the Scott Peterson trial. Juror No. 5, his name is Justin Falconer. He was dismissed yesterday. The move coming after he was seen on videotape speaking with Laci Peterson's brother. The judge didn't give a reason for the dismissal, but told Falconer that he was a distraction to the case. A defense motion for a mistral was rejected. We will hear from Justin Falconer in our next hour.
An Oregon softball coach and a teenage girl missing since September have surrendered to police in Tennessee. Michelle Smith was just 15 years old when she disappeared nine months ago. She was found yesterday in Tennessee with Andrew Garver. The pair turned themselves in to police after a minor traffic accident.
And copies of former President Clinton's memoir, "My Life," are flying off the bookstore shelves. The book's publisher says first-day sales in the U.S. alone passed 400,000 copies. That, by the way, is a record for a nonfiction work. It puts the former president's book ahead of his wife, Senator Hillary Clinton's book that was called "Living History." It' not like it's a competition, but that's what the scorecard reads.
O'BRIEN: You know the two of them are saying, oh, my book sold better. KAGAN: Yes.
O'BRIEN: I'm sure that's happening. Daryn, thanks a lot.
KAGAN: Sure.
O'BRIEN: Well, the carb-cutting craze is leading one company to cut jobs. Andy Serwer "Minding Your Business" this morning.
Good morning.
ANDY SERWER, "FORTUNE" MAGAZINE: Good morning to you again.
The American Italian Pasta Company is cutting 100 jobs and shutting down a factory in Kenosha, Wisconsin, because they're not selling enough pasta because of the low-carb craze. Even though, Soledad, they have been contracted to make Atkins low-carb pasta. That's kind of that oxymoron thing that we wondered if it would really work.
O'BRIEN: Yes.
SERWER: Apparently it's not working enough. They make Mueller's and Ronco pasta, and profit has been down two quarters in a row and it just continues to wreak havoc throughout the food business. We've seen this time and time again.
O'BRIEN: You know, that's sad.
SERWER: It is sad. It's 100 jobs.
O'BRIEN: How about the oil business in Norway?
SERWER: Oh, my favorite subject?
O'BRIEN: Yes, it kind of has been.
HEMMER: Again?
SERWER: The striking Norwegian oil workers.
O'BRIEN: Or (UNINTELLIGIBLE)? I mean, you laugh, but I'm serious.
SERWER: No, the thing is, this is why you watch CNN because we have footage of the striking Norwegian oil workers. This is really something. Here we go. Here they are, all three or four of them. It looks like a fish concert. This is serious stuff, though. These guys are...
O'BRIEN: It's having a big impact.
SERWER: It is. And actually on Monday they are threatening to shut down all of Norway, the third largest exporter of oil in the world, three million barrels a day. So, it's really serious stuff. I want to do a quick check of the markets. A nice day yesterday, up about 84 points on the Dow. The Nasdaq over 2,000, Bill Hemmer, and the stocks are at the highest they've been in nearly two months.
HEMMER: Oh, that's (UNINTELLIGIBLE).
O'BRIEN: That is.
(CROSSTALK)
SERWER: We keep going up, down, up, down over the (UNINTELLIGIBLE).
O'BRIEN: All right, thanks, Andy. Appreciate it.
SERWER: You're welcome.
O'BRIEN: Coming up in our next hour, why they might want to start working on that ark down in Texas. We'll explain straight ahead. Look at those pictures. Yes, a lot of water there. We're back in a moment.
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O'BRIEN: Welcome back, everybody. Time to check in with Toure. He's got the "Question of the Day." He's in for Jack this morning.
Hello.
TOURE, "ROLLING STONE" MAGAZINE: Yes, back again. And the rules are the same as yesterday: don't knock the hustle. Whatever you want to do, don't knock the hustle.
All right, a survey of 1,000 men by the National Marriage Project at Rutgers University, reasons for getting married: right time to settle down, having children, pressure from the woman. Are there guys who are saying, marry me or else? I don't think so. Maybe. I don't know. Maybe not.
O'BRIEN: Maybe. Why not?
HEMMER: You're not one of them, are you?
TOURE: I'm not one of them. I'm happily marching to the alter. Billy is holding back, but we're going to get you there.
O'BRIEN: We're working on it.
HEMMER: Time for everything, right?
O'BRIEN: Yes.
TOURE: So, why get married?
Tom from Roxbury, New Jersey, says: "I'm 35, thinking of doing it again. Top reason: car insurance rates in New York are so high, getting married is the only thing I can do to get my rates to go down." I love you, honey.
HEMMER: Call Geico.
O'BRIEN: That's a relationship that's going to last. OK, moving on.
TOURE: David from D.C.: "Why else do you get married? Tax breaks." Hello. Good answer.
Elizabeth from Boston: "Because we can," she says. "Finally, equal marriage rights for all Massachusetts residents. I'm looking forward to finally being legally allowed to care for my family." That's beautiful.
And Chris from L.A. says: "Why get married, indeed. Soledad is already spoken for. Maybe if Daryn Kagan was interested. Otherwise, I'm going to be a swinging single."
And, yes, absolutely there's a lot of people second that.
HEMMER: I think that's a proposal actually right there live on TV. Is Daryn still with us by chance?
O'BRIEN: Daryn. Daryn, are you around?
HEMMER: She's not!
O'BRIEN: Daryn, and Chris is from Los Angeles. Isn't she from Los Angeles?
HEMMER: There you go.
(CROSSTALK)
O'BRIEN: Already something in common.
TOURE: She'll probably do, like, Phylicia Rashad did when Ahmad asked her, and she said, "Maybe," like I don't know, brother.
HEMMER: Thank you, Toure. Good to you have you.
O'BRIEN: Thanks, Toure.
TOURE: Thank you.
(WEATHER BREAK)
HEMMER: In a moment, juror No. 5 gets the boot from the Scott Peterson trial. He says he's already made up his mind on Peterson's guilt. We'll talk to him live in a moment here live on AMERICAN MORNING.
(COMMERCIAL BREAK)
O'BRIEN: Coming up in the next hour on American, the Saudis tell terrorists to turn themselves in or else. Or else what? We're going to get some answers to that question as we continue right after this.
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