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Your World Today
8.0 Magnitude Earthquake in Peru; Rescuers Hear Unidentified Noises From Collapsed Utah Mine; Is it Time to Shuffle Investments?
Aired August 16, 2007 - 12:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
JIM CLANCY, CNN INTERNATIONAL ANCHOR: Hundreds are dead, hospitals overwhelmed with the injured. Peru struggling to recover from the worst earthquake to hit in decades.
ISHA SESAY, CNN INTERNATIONAL ANCHOR: Stocks slide, stomachs church. Investors around the world endure another day of sinking feelings as markets continues to plunge.
And...
RICHARD QUEST, CNN CORRESPONDENT: Where were you 30 years ago today? It's one of those days you'll definitely remember because today was the day "The King" died.
I'm Richard Quest at Graceland. I'll be having that story later.
SESAY: Well, it's 11:00 a.m. in Memphis, Tennessee, 12:00 p.m. on Wall Street.
Hello and welcome to our report broadcast around the globe.
I'm Isha Sesay.
CLANCY: I'm Jim Clancy.
From Graceland to Guadalajara, London to Lisbon, wherever you're watching, this is YOUR WORLD TODAY.
We begin our report in Peru. That is where hospitals at this hour are overwhelmed. Earthquake survivors afraid to go indoors.
SESAY: That's right, Jim. At least 337 people were killed in Wednesday's 8.0 magnitude quake. The epicenter was about 145 kilometers southeast of Lima. And aftershocks of magnitude 6.0 and 6.3 rocked central Peru earlier today.
CLANCY: A mayor in one of the hardest-hit areas say 80 percent of the adobe homes there in his town were completely destroyed. Emergency crews struggling now to reach the victims. Some of the roads are blocked and the Red Cross says this death toll is going to rise.
(BEGIN VIDEOTAPE)
CLANCY (voice over): With belongings scattered around them, men, women and children in the city of Pisco sat in the relative safety of the streets. All around them, homes and shops damaged or destroyed by the force of the earthquake.
ELECTRA ANDERSON, AMERICAN LIVING IN PERU: It just didn't stop. It kept going and going. And it kept getting stronger and stronger.
And things were falling and flying. And it looked like -- because my house -- my apartment is all glass and real tall ceilings, all glass. And it looked like the glass was bending in.
CLANCY: Peruvian television broadcast video of the devastation and desperate attempts to save lives. Hospitals across the country had been jammed with the injured.
The powerful earthquake struck at 6:41 p.m., 90 miles southeast of the capital, Lima. The quake was measured at a magnitude of 7.9.
Many towns were plunged into immediate darkness, with electricity and communications cut. Landslides blocked roads, making it more difficult for rescue workers.
Outside a hospital, bodies were simply left wrapped in blankets. Officials warn the death toll is certain to rise amid reports of collapsed apartments, homes, offices and churches.
President Alan Garcia was quick to respond.
PRES. ALAN GARCIA, PERU (through translator): We've declared a state of emergency in the ICA department. And we are going this evening to ensure that regional and local governments, civil defense institutions and ministries can spend what they need to rapidly and immediately.
CLANCY: A Peruvian Red Cross team reported widespread damage in the quake zone, while international aid groups are already dispatching planeloads of emergency supplies.
(END VIDEOTAPE)
CLANCY: Despite the communications being down in many of those areas that were hammered by this earthquake, we've received some pictures now coming in from Peru.
SESAY: Well, here's a look at some provided by I-Reporter Fernando Calderon. These were taken in the overnight darkness, but daylight is now bearing out. The initial fears are building, Jim, that they toppled a city south of Lima.
CLANCY: In the capital itself, in Lima, people rushed out of their homes as this earthquake hit, and they spent a very fearful night in the chilly air there in the streets.
SESAY: But as we're finding out, Lima was spared the worst damage. In fact, it was the coastal towns that were by far worst hit.
Well, if you have any photos or videos to share, just go to CNN.com or CNN.com/international. And all you have to do is click on the "I-Report" logo. CLANCY: And if you'd like to get involved to help, we've set up a special link on our Web site.
SESAY: It's called "Impact Your World". Just go to CNN.com/impact and click on "Natural Disasters".
CLANCY: At that Web site, it's very interesting. You're going to find links to, among others, the American Red Cross, Relief International. There's also a link to a charity navigator to get a comprehensive list of charities that you may find helpful.
SESAY: OK. Well, let's cross over to Wall Street now, where the word so far today is sell.
The Dow Jones Industrial Average has been off by triple digits since the opening bell. Just moments ago, it was off by 200 points. Right now, it's down, as you see, 194 points.
It's just moving, hovering up and down. This is the sixth day in a row that Wall Street has been down. And really, this follows a down day in financial markets overseas in Europe and Asia.
Heavy losses there. All of it triggered by Americans who have not been able to pay their mortgages.
So, what exactly do all of these market gyrations mean for the average person and their savings? That's the real question.
Coming up in a few minutes, we're going to be talking with someone who makes a living following the markets -- Jim.
CLANCY: All right. Let's check some of the other stories that we're following this hour.
(NEWSBREAK)
SESAY: Now a sign of hope. That's the word from rescuers who have worked incessantly to reach six trapped miners in Utah. The earth collapsed on them 10 days ago now, and late last night, rescue crews detected what they say is an unidentified noise from the mine.
Well, for the latest on the rescue efforts, our Brian Todd joins us now from Huntington, Utah.
And Brian, they hear these unspecified sounds. They now dig a fourth hole.
You know, talk us through what exactly is happening right now.
BRIAN TODD, CNN CORRESPONDENT: Well, Isha, you just said it, a fourth hole was expected to be drilled this morning, at least the starting of that fourth hole. It should be under way as we speak.
They're trying to get to a place that is different from where they planned to drill that fourth hole initially. And the reason that it's different is because they did pick up sounds yesterday when they had finished drilling a third hole and they had everything quiet.
They monitored these listening devices called geophones that they had placed on the surface of the mountain. There are six of them placed at various places, some of them about a mile apart.
Now, when everything was quiet, and they monitored those geophones, they did pick up sounds. About five minutes' worth of noise.
Robert Murray, the mine owner, said that that noise was in a pattern, that it registered about every second and a half. The federal officials have said it's not in a pattern. So we're not quite sure what to make of that. We'll hope to get clarification soon.
But this is what the federal official said about the noise that they picked up.
(BEGIN VIDEO CLIP)
RICHARD STICKLER, U.S. ASSISTANT SECRETARY OF LABOR: We saw some indication of noise for a period of about five minutes that we had not seen before. We're not sure what that means, but we think that it was significant enough that, also, we considered that and decided to move the number four bore hole closer to that area where we picked up the noise from the geophones.
(END VIDEO CLIP)
TODD: So, that number four hole is under way as we speak.
And a point of clarification about the noise on these geophones and what they can pick up. We are told that these geophones can pick up just about any kind of noise that's around, including surface noise.
So, what that could have is some possibly -- some animal moving around on the surface. It could have been rock shifting below the surface. It could have been literally anything. But it does give rescuers some hope that maybe there's some kind of signal coming from inside that mine -- Isha.
SESAY: Brian, while it give them some hope, the very fact that they're digging a fourth hole, you know, to a lot of people looking in on the scene, it just underlines the sense of confusion. In fact, they really don't know where these men are.
TODD: They have an idea where they are. And based on the idea of where they were working at the time of the collapse and where they could have gone to if they survived this collapse, they have an idea. But they admit, they freely admit, that when they drill these holes down, this is trial and error.
They're trying to poke holes into chambers where men might have retreated for air if they survived. Again, they're going on the sounds that they picked up, and they're drilling right where they picked up those sounds. So, it is trial and error as far as the drilling goes.
And Robert Murray, the mine owner, made it very clear last night. He said the actual, you know, work in getting to these men is going to be the underground digging, which is proceeding very, very slowly. It's just a little over a third of the way through the tons of rubble that they need to get to, to get to these men.
SESAY: All right then.
Brian Todd there in Huntington, Utah.
Many, many thanks.
CLANCY: We continue to watch the markets. We're going to take a short break here, but take a look in the lower right part of your screen -- or there it is for you to see.
The Dow down now 250 points. It's been very volatile, up and down all day long, all morning long.
SESAY: Indeed. And, you know, it was a slide in Asia that started that global sell-off.
We'll be speaking to a market strategist to get a sense of what this means for fretting investors.
CLANCY: And selling their bodies just to survive. Iraqi women revealing what pushed them into prostitution.
Plus...
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE (SINGING): ... and you ain't no friend of mine. Hey.
(END VIDEO CLIP)
SESAY: He's not the real thing, but three decades after Elvis' death, his fans still love him tender.
Coming up, "The King's" post-mortem earnings and who's cashing in on his legacy.
(COMMERCIAL BREAK)
SESAY: Welcome back to CNN International and YOUR WORLD TODAY.
CLANCY: We're covering the world -- the news the world wants to know and giving you a little bit more perspective we hope that goes deeper into the stories of the day.
And no doubt, this day, you're probably concerned about your investments, your savings. Perhaps you've seen your own portfolio sink to troubling lows.
Now, is it time to shuffle your investments or should you take a hands-off approach and try to ride out the storm?
Well, let's get some advice from Art Hogan. He's the chief market strategist with Jefferies & Company. He joins us from Boston, Massachusetts.
Art, thanks for being with us.
What do we do, stick it out or sale?
ART HOGAN, JEFFERIES & COMPANY: Well, I think there's a couple of things you need to do, Jim. I think you have to look at your long- term investment time horizon. You know, if this is a long-term event for you, meaning the next 10 or 15 years, this is certainly not the time to be panicking out of equity positions or stocks.
I also think you need to look at this recent volatility and assess your risk tolerance. We had very tranquil markets up until including the first couple of months of this year, and then we've seen an increase in volatility in markets that we haven't seen in years. So I think that if you've been involved in the stock market and this kind of volatility is not something that you're used to or think that you could understand or handle, you're...
CLANCY: You want to sleep at night, in other words. Get into something a little safer.
HOGAN: You might want to pare back your exposure, right. Exactly.
CLANCY: Yes. Well, let's take a look at the market.
HOGAN: And the third thing is -- OK.
CLANCY: Let's take a look at this market, where it's been going in the last year.
You can see that it was going nowhere but up. And then suddenly, you know, it's taken a nose dive. Well, that's not true. It's taken a couple of dips earlier, but nothing like this.
HOGAN: Right. And you know what's happening here is completely not stock market related, which is a hard thing to explain. But in simple terms, there's problems in the credit markets. There's a credit crunch going on right now.
A lot of it started with subprime mortgages in the United States, in the residential real estate market. But that has spilled over in equity markets. And until we get a better handle on the magnitude of the problems in the credit markets, it's very difficult for investors in the stock market to stay involved.
So, you're seeing a lot of folks just panicking out of positions, trying to raise money while they're hold other asset classes that they can't sell. And there's a lot of panic out there.
CLANCY: Well, a lot of panic. And if you look at the last, what -- let's take it -- for the last four years -- can we take a look at the Dow, how it looked? Because, you know, you're right, it didn't seem to move much there for years.
It was up and down a little bit. But it stayed relatively flat. Then suddenly everybody got in, it looked like everybody was making money.
You say it's not the stocks, it's the credit markets. So why are the stocks paying such a heavy price?
HOGAN: The stocks are paying a heavy price because there is a spillover effect. When you're an asset manager, necessarily, and you own some of the credit-driven products that have to do with the subprime and credit debacle that's going on right now, you can't really sell those, but there are people that would like some of the money out of your funds. So you have to sell what you can.
What's happening now, asset managers are forced to sell stocks that they'd rather hold on to, to raise cash to pay folks back. The other thing is, when you start to see markets go down like this, the momentum becomes very self-fulfilling, so people get panicked out of the market and start selling. They say, I've had a pretty good year so far, or a couple of year run here, so I'm going to take some profits and get out at any price indiscriminately.
And we're seeing such a broad market sell-off that that really speaks to indiscriminate selling.
CLANCY: You k now, I've heard it said that if there's a 10 percent decline in the market, you've got to make a 20 percent increase to make back your money. True, false?
HOGAN: Absolutely. But you know what? The rationale there means that you have, you know, a compounding issue, meaning, you know, the assets you have are worth 10 percent less, so it takes 20 percent to get back. But that happens, you know, all the time in the cycle of investing.
And the important thing to remember here is corrections in a long (INAUDIBLE) market are a very healthy thing. It's a painful thing to watch, and certainly nothing that anyone wants to talk about. But when we go through cycles in the investment cycles, when we go through periods in the investment cycle, you're going to see corrected processes. And at the end of the day, what comes out is a healthier market.
CLANCY: OK.
You know, I guess the question so many people have looking at their savings, looking at those numbers on Wall Street, is it going to get any worse? Is it going to get a lot worse before it gets any better?
HOGAN: Well, I would say that today is a classic example of where we've really gotten close to the bottom. It's capitulation selling. You see European markets, Asian markets and the U.S. markets going down two and three percent in a single day. This is on top of the losses we've already had.
This is when everybody is throwing in the towel. This is the kind of selling that you want to see. It sort of signals that we have a bottom here.
We've probably overdone it, we're probably very oversold in markets across the globe. We can get more oversold, certainly, before it's over, but my guess is, we're getting pretty darn close to the bottom. And I think the reversal here, once we have a better handle on the credit markets, is going to be pretty sharp. So I don't think that 20 percent thing is out of the question in the long term here.
CLANCY: All right.
Art Hogan, giving us some advice there, chief market strategist with Jefferies & Company.
Thanks for being with us, Art.
HOGAN: Thank you.
SESAY: Well, it's certainly not a pretty picture on Wall Street, as the sell-off is picking up speed.
CLANCY: That's right, Stephanie Elam is in New York. She has the latest.
(STOCK MARKET REPORT)
CLANCY: We've got to take a short break, but still to come on the show, we're going to introduce you to, well, what could I say, one tipsy flight attendant.
SESAY: Ahead on YOUR WORLD TODAY, she's tipsy and troublesome.
(BEGIN VIDEO CLIP)
UNIDENTIFIED FEMALE: Excuse me, that was my (EXPLETIVE DELETED) I.D.?
(END VIDEO CLIP)
SESAY: Well, we'll tell you why the whereabouts of this airline employee's I.D. is really the least of her problems.
Plus...
QUEST: Dozens of floral tributes, tens of thousands of fans. It's the 30th anniversary of Elvis' death.
I'm Richard Quest. YOUR WORLD TODAY is live on the lawn of Graceland in a moment.
(NEWSBREAK)
(COMMERCIAL BREAK)
DON LEMON, CNN ANCHOR: A verdict in the Jose Padilla terrorism support trial. For the very latest, let's go straight to our Miami bureau and CNN's Susan Candiotti.
What do you know, Susan, 2:00 p.m., for a verdict?
SUSAN CANDIOTTI, CNN CORRESPONDENT: Yes, 2:00 p.m., that is when it will officially be announced. This allows everyone a chance involved in the case to get back to the courthouse so they can be there, of course, when the verdict is announced.
I think this qualifies, Don, as a verdict that is coming in fairly short order. Remember, this jury has been deliberating only for one day, from 9:00 to 5:00 yesterday and for about three and a half hours so far this day. It has been a very long trial, five years really, in the making, before it got to this point.
But the trial went on for three months, involving three defendants. One of those defendants, high priority Jose Padilla, who you remember, years ago, by the Bush administration has been accused of being the so-called dirty bomber. But he was not charged with that ever, and certainly not charged with that in this case.
He and two others are charged with three counts of conspiring to murder, maim and kidnap, carrying out a jihad overseas, not in this country. As well as providing material support to Al Qaeda, to assist in terrorism overseas.
Now who is the real Jose Padilla? The government has painted quite a different picture than the defense in this case saying that he, Padilla, and the two others, really, they were recruits for Al Qaeda and planning back in 1998, and well before the September 11th attacks, to carry out this effort overseas, providing money and material support.
That he applied to attend an Al Qaeda training camp, and as evidence of that, and it's been mostly a circumstantial case, provided an application form. They're saying Padilla's fingerprints were on that application form and that's probably the strongest piece of evidence that the government had in this case.
The defense painting quite a different picture saying Jose Padilla was a former gang member in Chicago who lived in Florida for a period of time, who underwent a religious conversion. And that he went overseas, not to plan to carry out any kind of murder, but instead, to study Islam, to learn Arabic language. And that's why he was over there.
The defense says the government has twisted things up, in their, working looking through, quote, "goggles of guilt" as they look at Jose Padilla. So this jury has a lot to figure out.
LEMON: Yeah, they, do Susan. Let's talk a little bit about the trial. As you say, it's been going on and it's fairly recent happening here. During the trial, during the closing arguments, here's what his attorney said, I don't know if you can respond to that: "That he traveled to Egypt to study Arabic and study the Koran and in hopes of becoming an imam, an Islamic leader, not to train as an Al Qaeda terrorist." That's what he said in his closing arguments. But then you have the evidence, you said, of the applications and whatnot, the terrorism training camp application, talk about that, and what happened inside of this trial.
CANDIOTTI: Well of course, it's all a matter of interpretation and which story the jury is going to believe. Remember, the burden of proof here is on the government. Does this jury believe beyond a reasonable doubt that Jose Padilla's real purpose was to go overseas and work in conjunction, in a conspiracy with two other people who are based here in the United States?
To go overseas and to participate in some future plan to carry out a plan of evil overseas. Or, as the defense said, will this jury believe that, no, he was simply going over there as a religious student. And if in fact any money that was sent overseas to organizations to help victims of war atrocities, in Kosovo, in Chechnya, in Somalia, if that money wound up in the hands of organizations that in fact carried out murder, it would not be -- you cannot blame, and that's the jury instructions, you cannot blame that on the defendants in this case.
LEMON: And what's really interesting also, Susan, in this case, Jose Padilla's mother, Estella LeBron (ph) has been in the courtroom, has been following this. It's kind of unusual with this trial, but during closing argument, it is said at that mother broke down in tears. Has she been here throughout the trial?
CANDIOTTI: Sure. She's been very emotional. She hasn't been there for every day because she works, but certainly she was there at important points along the way. Naturally, she stands, not surprisingly, by her son. And said that he would never carry out such an attack. The defense showed photographs of him posed with his son. Showed his passport, showed his driver's license.
And said when the prosecution showed photographs of the Jose Padilla to the jury wearing the Arabic traditional head dress, that this was an effort to skewer what his real intent was that the prosecution was trying to make him out to be an evil-doer and scare the jury into making him into something that he was not.
All a matter of interpretation, and who did the better job of trying to prove their case. Remember, Jose Padilla never took the stand because the defense believed that the government did not prove anything so they didn't have anything to contradict. Or they were able to make their case through cross examination of the government's witnesses.
LEMON: Let's go back inside of this case and sort of clarify this, Susan. Because he was originally arrested on dramatic allegations that he planned to set off radioactive dirty bombs in the United States. But the current charges do not show or they're not related to those accusations and prosecutors did not present that dirty bomb plot to the jury.
CANDIOTTI: Originally, when he was detained, the Bush administration accused Jose Padilla of being the so-called dirty bomber. That he was allegedly planning on carrying out attacks on Americans using radioactive truck bombs, in effect. But he was never charged with that crime. Instead, they put him in isolation, in a Navy brig for more or less three years. And he was only charged recently with different charges altogether.
LEMON: All right. Thank you very much for that report, Susan Candiotti. A lot happening here. As Susan has been reporting, the Jose Padilla the terrorism support trial, a verdict is expected to be announced at 2:00 p.m. Eastern.
Of course, we'll carry is right here on CNN. Also, word from the markets, the Dow down, 241 points right now. It's going to 242 and it keeps moving down. It's going to be a very rocky day on Wall Street.
We're going to continue to follow all of these breaking news stories here, all of these developments here. The Union City, New Jersey, fire, Jose Padilla, as well as what's happening in the markets. Join us at CNN NEWSROOM at 1:00 p.m. Eastern. We'll be back in a moment.
(COMMERCIAL BREAK)
CLANCY: Hello, everyone, welcome back. You're watching YOUR WORLD TODAY on CNN International.
SESAY: We're seen live in more than 200 countries and territories across the globe.
CLANCY: And we're back in the United States right now, too.
SESAY: We are indeed.
A flight attendant, Jim, is accused of serving herself when she had to work. Listen to this. Atlantic Southeast Airlines says Sarah Mills was pulled off a flight from Kentucky on Sunday because she was drunk and threatened a pilot.
This young lady, she didn't go without a fight.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: That is my (INAUDIBLE) (BLEEP) Thank you, for everybody who is in here, (BLEEP). Excuse me, that is my (BLEEP) I.D.!
(END VIDEO CLIP)
SESAY: Drunk and indignant. Then they caught her crawling around her cell, as you see there. Court records show she admitted to drinking whiskey, but she was actually below Kentucky's legal limit. She did plead not guilty to charges.
CLANCY: OK, congratulations. You made it on all of the TV networks.
Right now, let's take a look at the markets. Take a look down there in box. We can bring that up full screen. And take a look. Just a moment ago, the market was down 283. Now, it's down 273. Really volatile. Just shooting up and down. We've watched it cross 200 -- 280, though, is about as low as I've seen it go.
Obviously, deep in negative territory. The question is, is the capitulation point? Is this the bottom of this market? Are we going to see it go down even farther? That's 12,588. I think that makes it officially a correction, a market correction, when it went down that low.
All right, let's take a look at another story. In Greece, a large forest fire fanned by strong winds. It is now sweeping across suburbs of Athens.
SESAY: Dozens of homes have been torched and part of the city are without power.
CLANCY: One of our viewers, Moses, is visiting his parents there in Greece. He took this picture with his cell phone. He says the wildfire moved very quickly, as a result, there was a lot of chaos.
SESAY: This is another picture Moses sent in to us. Thank you for that. He says he's seen at least seven aircraft battling the flames.
CLANCY: If you want to be an i-Reporter, send your pictures to CNN.com -- or go to CNN.com, click on that i-Report logo. Very easy to do. We like you to keep us abreast of events that are going on where you are.
SESAY: Indeed, thanks to Moses for those great shots there.
Now, within three major religions, Christianity, Judaism and Islam, true believers are changing our world and transforming the lives of millions.
CLANCY: Really, they can be described on being on the front lines of a battle that they believe they cannot afford to lose.
SESAY: These believers are the focus of a three-part CNN special that airs next week called "God's Warriors."
CLANCY: For three consecutive nights, our own Christiane Amanpour is going to take us to the flash points between God's warriors and the secular world.
SESAY: Where religion and politics collide. And sometimes erupt into violence. Here's a preview.
(BEGIN VIDEOTAPE)
UNIDENTIFIED MALE: The scripture is the blueprint to life and living. CHRISTIANE AMANPOUR, CNN CHIEF INTL. CORRESPONDENT (voice over): They are sure of their mission.
UNIDENTIFIED MALE (through translator): Our role is to redeem the entire world.
AMANPOUR: And the stakes are high.
(On camera): Do you really wish that you could have been martyred?
UNIDENTIFIED MALE (through translator): Yes, martyrdom was my biggest wish.
AMANPOUR (voice over): What they have in common, Jews, Christians and Muslims is the believe that modern society has lost its way.
UNIDENTIFIED MALE: They're raping virgin teenage America on the sidewalk, everybody is walking by acting like everything's OK.
UNIDENTIFIED MALE: The problem we have now with the civilizations, we don't offer a man where to go, he doesn't know his place in life.
UNIDENTIFIED FEMALE: The people that don't keep the Torah, they don't understand the meaning of being Jews, they're wasting their life.
AMANPOUR: They say God is the answer.
UNIDENTIFIED MALE: I would like to see America become the nation under God again.
AMANPOUR: But their battle to save the world has caused anger, division and fear.
UNIDENTIFIED MALE: I believe that Islam is a real threat.
UNIDENTIFIED MALE: Something's gone wrong. We've too closely fused politics and our faith.
AMANPOUR (on camera): I'm Christiane Amanpour in Jerusalem. A place sacred to Christians, Muslims and Jews. Each has zealous followers driven to change the world. They are God's warriors, and this is how they're shaping the 21st century.
(Voice over): Over the last 30 years, religion has exploded, as a powerful political force, with armies of believers determined to fight for their faith. In the United States, the Christian right forged an agenda that would transform the political landscape.
UNIDENTIFIED MALE: We set a 10-year program to have a born-again Christian in the White House.
AMANPOUR: In Israel, a small band of religious settlers began a quest that would change the face of the holy land.
UNIDENTIFIED MALE: There's no doubt in any rationale analysts mind that the settlements are the major obstacle of peace.
AMANPOUR: And in Muslim countries, the spiritual awakening sparked the rise of political Islam and an extreme fringe who would become the world's nightmare.
UNIDENTIFIED MALE: I mean, if I (UNINTELLIGIBLE) and kill others for it. That's the scary part. That's why we all have to take it seriously.
AMANPOUR (on camera): Come with me to the flash points in the global battle over religion and power, as I report on "God's Warriors."
(END VIDEOTAPE)
SESAY: A powerful, powerful three-part special event we see there. International viewers, you can actually watch that next Wednesday, Thursday and Friday. At 1300, and again at 1900 GMT.
CLANCY: And for our viewers joining us in the U.S., you can catch this three-night television event beginning on Tuesday, that's at 9:00 p.m. Eastern, each night, only on CNN. Very quickly now, let's take a look -- it's "God's Warriors."
SESAY: In fact, as Jim was trying to tell you before I jumped in, you can follow in Christiane's footsteps as they conducted her year-long investigation. Go to cnn.com/warriors. This special section of our Web site offers a behind-the-scenes look at the making of the "God's Warriors".
CLANCY: And there's some great interactive features, too. Like video diaries, on location photos, a travel log. You can also submit a question for Christiane Amanpour and you can tell us your answer -- to the question how strong is your faith. It's all waiting four at cnn.com/warriors.
All right. Let's take a quick look at the markets if we can. They've just gone back, they were up -- they were down, rather, up 300 points in the last couple of minutes, if you've been watching this monitor on your screen there. Now, standing at 295 points down. Very volatile. Not really an indicator, Isha, of where we're going to end up today. That's the only thing we've learned this week, watching the dramatic swings throughout the day.
SESAY: Another dark day on Wall Street. We'll continue to watch the markets and bring you the latest figures.
CLANCY: All right, 30 years after his death, the world's still falling for the king.
SESAY: A look at Elvis Presley, Incorporated, when we come back.
(COMMERCIAL BREAK) SESAY: Now, not many grandmothers can sprint. Well, I can't -- forget grandmother!
CLANCY: How about great grandmothers? Throwing a shot-put for that matter? Australia's Ruth Frit (ph) is proving age is no setback. Look at that baby fly. She's 98 years old, Isha. She's racked up world records in the javelin, hammer throw, and weight pentathlon.
SESAY: She's in great shape. She also competes in the long jump and 100-meet sprint. While Frit admits to a few aches and pains, she says she's not ready to start taking it easy. Her biggest challenge, finding people old enough to compete against.
CLANCY: Well, he's well-known for flexing his political muscles --
SESAY: But you've probably never not seen Russian Vladimir Putin or any other world leader quite like this. Mr. Putin stripped off for the cameras, oh yes, you see him there, during a fishing trip with Prince Albert of Monaco, in a remote Tubar (ph) region of Russia. The president is well-known for keeping in shape, and is a black belt judo enthusiast.
CLANCY: The two men also went riding and rafting before apparently listening to a performance of traditional, what they call, throat singing.
SESAY: Ah, yes.
CLANCY: The Russians love Vladimir Putin, he's youthful, he's young, he doesn't drink, and well, he likes horses.
SESAY: That's a look.
CLANCY: Look at that, a nice kiss there for that horse, from the president of Russia, out on vacation. Hope he has a good time.
Having a good time at Graceland, the king of rock 'n' roll may have left the building, but he's still making more money than many celebrities that are still with us.
SESAY: Oh, indeed.
CLANCY: He's not going to rehab.
SESAY: He's not going to rehab, and there's a hunk-a-hunk of burning cash to be made selling his image worldwide. Phil Black gives a look at Elvis Incorporated, an industry that is still growing strong 30 years after his death.
(BEGIN VIDEOTAPE)
UNIDENTIFIED MALE: You ain't nothing but a hound dog --
PHIL BLACK, CNN INTL. CORRESPONDENT (voice over): There is a global army of Elvis impersonators. London's Chinese Elvis is one of them.
UNIDENTIFIED MALE: You never caught a rabbit and you ain't no friend of mine.
BLACK: He sings, he dances.
UNIDENTIFIED MALE: You just have to try and get each hip, independently kind of working there.
BLACK: He makes a living making fun of the rock legend who died 30 years ago.
UNIDENTIFIED MALE: Kind of like, Hey! Who! Ha! Boom! Ba-Ba!
BLACK (on camera): Is Chinese Elvis a wealthy man?
UNIDENTIFIED MALE: Chinese Elvis could be more wealthy, it has to be acknowledged and admitted.
BLACK (voice over): Impersonators trade unofficially in Elvis' name. So does Sid Shaw, he's been dealing in memorabilia since the king's death, and he believes it's still a growth business.
SID SHAW, OWNER, "ELVISELY YOURS": What's more, it's getting bigger, and bigger, not smaller. It's a legend, which will go on forever, if CMN is around in 100 years, you'll be doing the 130th anniversary of Elvis Presley. You know, he had so much talent.
ELVIS PRESLEY, SINGING: The band was jumping, the joint began to swing, you should have heard the knocked out jailbird sing, let's rock! Everybody, let's rock!
BLACK: The official industry in Elvis is divided between those who own the music, his movies, and his brand. Together, they make him the second highest earning dead celebrity, according to "Forbes" magazine with an income last year of $42 million.
MARK SUTHERLAND, "BILLBOARD" MAGAZINE: It's just an incredible amount. Compares very favorably to most of the biggest current artists, I would say, who have the advantage of still being alive.
UNIDENTIFIED MALE: He's believed to be the only singer known to --
BLACK: Two years ago, Elvis' daughter, Lisa Marie, sold 85 percent of Elvis Presley Enterprises for $100 million. The company now wants to spruce up Graceland and attract a new generation of fans to the man, and his image.
SUTHERLAND: He can't really be damaged now. He's frozen in time. And he's not going to go on and make terrible records and, you know, lose his hair, you know, all those kind of things that happens to artists that are still alive. So he's kind of frozen in time, really, as, you know, a big star.
BLACK (on camera): And 30 years ago Elvis left this life. But an international industry continues to make millions in his name and his spirit. Phil Black, CNN, London. Thank you very much.
(END VIDEOTAPE)
CLANCY: Boy, that must have been fun. There he is, Elvis, just doesn't quit. But we have to quit. That's it for this hour. I'm Jim Clancy.
SESAY: I'm Isha Sesay, and this is CNN.
(COMMERCIAL BREAK)
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