Return to Transcripts main page
CNN Newsroom
Bush Calls for Temporary Tax Relief; Candidates React to Bush Stimulus Plan; Chess Champion Bobby Fischer Dies; Sundance Film Festival; Update on Heathrow Airport's Crash Landing
Aired January 18, 2008 - 13:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
DON LEMON, CNN ANCHOR: President Bush outlines a stimulus plan for the U.S. economy. But Wall Street wonders, will it work? The president says $140 billion in tax relief will boost business expansion and consumer spending, easing the slowdown caused by home foreclosures and the credit crunch.
KYRA PHILLIPS, CNN ANCHOR: At the moment, the Dow is back in the negative territory after an early rebound. Some traders say the stimulus package needs to be bigger.
Hello, everyone. I'm Kyra Phillips, live at the CNN world headquarters in Atlanta.
LEMON: And I'm Don Lemon. You're in the CNN NEWSROOM.
And you heard it live right here on CNN: President Bush calling for quick temporary tax relief to head off an economic downturn. He wants incentives for businesses as well as consumers.
CNN's Brianna Keilar is at the White House with the very latest on this -- Brianna.
BRIANNA KEILAR, CNN CORRESPONDENT: Hi there, Don.
The main thing President Bush talked about there was a -- was broad-based tax relief, anticipated that that would come in the form of tax rebate checks, basically checks cut to taxpayers in an attempt to pump money very quickly into the economy.
And in a follow-up briefing, Treasury Secretary Henry Paulson said the estimated price tag on this entire economic stimulus package would be about $140 to $150 billion.
(BEGIN VIDEO CLIP)
HENRY PAULSON, TREASURY SECRETARY: The president wants do something that's meaningful, that's robust, that will make a difference this year.
There are no silver bullets. There's nothing that's perfect. But to be quick and to focus on the areas we've mentioned, to give money to consumers. There's plenty of evidence, you give money to people quickly, they're going to spend it.
(END VIDEO CLIP) KEILAR: Congressional Democrats listening to the president's words very carefully today when he spoke. And he spoke, as I said, about broad-based tax relief.
But when he talked about tax relief for taxpayers, that sort of raises a red flag for those congressional Democrats. The concern being that perhaps low-income Americans would be left out, low-income Americans who don't make enough money to pay income taxes.
But again, the president very vague in the principles -- guiding principles, as the White House called them. So specifics still to be worked out, still to be seen, Don.
LEMON: And you know, I had -- there's some concern -- and we're going to interview Barney Frank on the Democratic side, the response to all of this. But is there some concern, Brianna, that the president is kind of getting out ahead of Congress here?
KEILAR: Well, there certainly was some concern from Democrats that they could be -- I should mention first off on this issue, there's been this unusual degree of bipartisan cooperation by the White House, Democrats and Republicans.
The Democrats were concerned that, by the president talking today, they may get boxed in by some of the parameters that he outlined. That's part of the reason, actually, that President Bush kept his recommendations very vague.
But again, that tax relief, are low-income Americans going to be left out? That's a concern for Democrats if that's the case. And also President Bush said, you know, he doesn't really want there to be wasteful spending projects.
What does he mean by that? We don't know. Does he mean public works projects? Or does he maybe mean not wanting to extend unemployment insurance and food stamps, which those things are a priority for Democrats, Don.
LEMON: OK. Thank you very -- very much for that. Brianna Keilar at the White House.
We want to tell our viewers. We are going to get the Democratic side to this. Chuck Schumer responds to President Bush's stimulus plan, and we'll bring that to you as it happens. We're also going to talk to Barney Frank a little bit later on, right here in the CNN NEWSROOM -- Kyra.
PHILLIPS: Well, let's find out how the president's comments are playing out on Wall Street. Susan Lisovicz on the floor of the New York Stock Exchange with the latest.
Hey, Susan.
SUSAN LISOVICZ, CNN CORRESPONDENT: Well, Kyra, we've had two days of a lot of people in Washington talking about economic stimulus. And we've had two days of sell-offs. The good news is we are not seeing a triple-digit sell-off, at least not yet. You really want to see, especially after a more than 300-point decline, as we saw yesterday, that the market would have the ability to hold a rally, and they couldn't do that.
Actually the president -- as the president was speaking, the Dow actually entered into negative territory.
One veteran strategist that I talked to said, you know, when you have the president talking about $145 billion of economic stimulus, just weeks after he was saying the economy was in pretty good shape, it certainly doesn't inspire a lot of confidence in how things are going. And you're seeing it play out: the Dow right now down just about 12 points.
You're seeing some interesting sector movements. Retailers are doing very well. So they're bucking the trend. Stocks like Family Dollar, a deep discount store, is up 4 percent. BJs, JCPenney, each up about 4 percent. So perhaps they are beneficiaries of these rebate checks that may soon be in the mail.
But financials, which had been the root of this vicious sell-off on Wall Street, are down again pretty dramatically. AIG, AFLAC, Bank of America, each down at least 3 percent -- Kyra.
PHILLIPS: All right. Susan Lisovicz, we're going to be talking a lot today about the president's stimulus package and all the politics going on. We'll check in with you again.
LEMON: Just about now you're probably wondering how a stimulus program would stimulate you. Let's bring in CNN's personal finance editor, Gerri Willis.
Gerri, how will this help the economy? That's the big question. And will it help the economy?
GERRI WILLIS, CNN PERSONAL FINANCE EDITOR: Well, hi there, Don.
The thinking behind a program like this is, if you send checks in the mail to taxpayers, they will cash those checks and go to the mall. They'll go to the car lot. They'll buy things. They'll put that money to work immediately, spending money to jump-start the economy, to really goose the economy. That's what the president was talking about today.
Now, you know, it depends on how much is spent. We've been talking about $145 billion in stimulus. Not clear what the mix is going to be or how much individual folks will get.
There's also some money in there that he's talking about, the president is talking about, to be given to businesses. So maybe they'll hire more people. Maybe buy some equipment. But we're yet to see how this is going to come out, how this is going to all shift out -- Don.
LEMON: And Gerri, you know, I remember, if I'm not mistaken, a while back we got a refund -- a refund check from the president and there was some sort of consternation about that, whether or not we should get it or it should be put back into the economy. So if this goes through, what should people do with this tax rebate?
WILLIS: Well, let's think about it for just a second here. It's very likely we're in a recession. We could be in a recession right now. Maybe next quarter. And the first thing you have to think about when the economy goes into a recession, is my job safe, is my income safe? The money that comes in every week or every other week to pay the bills, to buy food, am I going to have that?
You've got to protect yourself with some kind of emergency fund, some kind of savings set aside for that rainy day. You know, my advice here is, don't go to the car lot, don't go to the mall. Put some savings aside, so if the worst happens, you're protected -- Don.
LEMON: Yes, Gerri. Live within your means. I think that's kind of it. And we'll be talking about this all day. Gerri Willis, very busy day for you and all of our financial people here at CNN. Thank you very much for that.
WILLIS: My pleasure.
LEMON: The president is expected to say more about the economy on the visit to a lawn equipment factory. That's in Frederick, Maryland. We'll have this -- his comments this hour for you.
And as you know, as we know, you have questions about what all this means for your family's bottom line. In the next hour, Andy Serwer of "Fortune" magazine answers your e-mails.
And Democratic Congressman Barney Frank, chairman of the House Financial Services Committee, joins us. We'll ask him what his party plans to contribute to the president's plan.
And make sure you stick with CNN for all the news that affects your financial security. Go to CNNmoney.com for more information on money, jobs and the mortgage crisis.
PHILLIPS: It's the scramble on the day before. Last chance for the White House hopefuls to make impressions in South Carolina and Nevada. Voters in those states get their chance tomorrow to weigh in, even shake up the race.
Most of the Republicans are crisscrossing South Carolina, where tomorrow's primary could determine a front-runner in a race that's seen three different winners in the first four contests.
South Carolina Democrats don't vote for another week, so Clinton, Obama and Edwards are in Nevada, where tomorrow's caucuses offer a chance to build momentum heading towards Super Tuesday.
Presidential candidates and the reporters who cover them together in our Friday political ticker.
Democrat John Edwards says he's not getting a fair shake from the media. Edwards and his aides say that reporters are obsessed with Hillary Clinton and Barack Obama, crowding out coverage of Edwards. The campaign has even launched a Web site and a Web video to show what it says are examples of Edwards getting overlooked.
Republican Mitt Romney having issues with one reporter in particular. At a South Carolina news conference, Romney got into a back-and-forth with Glenn Johnson of the Associated Press over the role of a lobbyist in his campaign. Discussion kept going even after the event ended.
(BEGIN VIDEO CLIP)
MITT ROMNEY (R), PRESIDENTIAL CANDIDATE: He's not running my campaign. He's not running my campaign. He's not running my campaign.
GLENN JOHNSON, ASSOCIATED PRESS: There is another lobbyist involved with you, too.
ROMNEY: Listen to my words. All right? Listen to my words.
JOHNSON: That's semantics. "Running your campaign" and "giving you advice"? Come on!
ROMNEY: He approached me, Erica. Let's talk. Let's you and I talk.
JOHNSON: I'd be glad to talk. Any time.
(END VIDEO CLIP)
PHILLIPS: Romney insists that he has no lobbyist, "running my campaign." Johnson cites a frequent presence of Romney adviser Ron Kaufman, who heads a major communications firm.
Republican Mike Huckabee won't say whether he considers the confederate flag an offensive symbol, but he says outsiders have no business telling South Carolinians how to display the controversial banner.
(BEGIN VIDEO CLIP)
MIKE HUCKABEE (R), PRESIDENTIAL CANDIDATE: You don't like people from outside the state coming and telling you how you ought to raise your kids. You don't like people from outside the state coming down and telling you what to do with the flag. In fact, if somebody came to Arkansas, told us what to do with our flag, we'd tell them where to put the pole. That's what we'd do.
(END VIDEO CLIP)
PHILLIPS: South Carolina once flew the Confederate battle flag atop its state house. It was moved to the capitol grounds in 2000. The flag, of course, conjures images of racism for some, southern pride for others. In the 2000 GOP primary, John McCain took the same position that Huckabee takes. McCain now says he was wrong not to call for the flag to be removed.
Stay with us. We're going to have live updates from Nevada and South Carolina minutes from now. Our Mary Snow standing by in Hilton Head, South Carolina. And our Jessica Yellin will join us live from Las Vegas.
LEMON: Also, the candidates and cancer. Many of them have had personal experiences with the disease. So where does the White House -- where do these White House hopefuls stand on funding for cancer research?
PHILLIPS: The Sundance Film Festival is drawing big names. Our Brooke Anderson will talk live with actor Colin Farrell.
LEMON: He faced a Russian chest master during the Cold War and won. We'll look back at the life and career of Bobby Fischer.
(COMMERCIAL BREAK)
PHILLIPS: The next big events for the White House hopefuls are a day away. Democrats are focused on the Nevada caucuses; most of the Republicans are focused on South Carolina's GOP primary.
Our Mary Snow is tracking things from Hilton Head. CNN's Jessica Yellin standing by in Las Vegas.
Jessica, let's start with you. How are the candidates reacting to Bush's economic stimulus plan?
JESSICA YELLIN, CNN CONGRESSIONAL CORRESPONDENT: Well, Kyra, here in Nevada, the -- the economic situation is worse than in some other parts of the country. Higher unemployment here. Those home foreclosures higher here than just about anywhere else nationwide. So the economy has dominated talk on the campaign trail.
And this morning Senator Clinton both sent out a lengthy statement and also just made comments, essentially saying that the Bush plan does not go far enough. Her biggest concern is that, as she puts it, it leaves out 50 million Americans.
The Democrats, in general, have been focused on getting money into the pockets of lower income Americans, the working people who they say will need it the most, as opposed to the Bush plan, which they view as something that is more designed to stimulate business and help businesses grow the economy.
But the Democrats have put out their own plans in recent weeks -- all three of them, John Edwards, Barack Obama, Senator Clinton -- all designed to either help people get tax rebates, or get discount on their home heating oil. Various ways to help working Americans have more money in the short-term.
And that's, of course, a big divide between the two parties in terms of how Democrats view ways to stimulate the economy and very different from the way Republicans do. Something we'll certainly see come into sharper focus in the general election. But as for here in Nevada, a major issue, the economy. Only Senator Clinton has really been detailed and clear in her response to the president's plan. We're expecting comments from Barack Obama and Senator Edwards later today -- Kyra.
PHILLIPS: All right. Let's go ahead and take a listen to what Hillary Clinton had said earlier on.
(BEGIN VIDEO CLIP)
SEN. HILLARY CLINTON (D-NY), PRESIDENTIAL CANDIDATE: I don't think it does enough. It talks about giving direct payments to people, which is good. I'm for that. But at least according to what we've been told, it leaves out 50 million working Americans.
(END VIDEO CLIP)
PHILLIPS: You know, right, Jessica, when we thought that the topic was going to stay on focus, now all of a sudden everything is about the economy. It's interesting to see how the main topic of conversation changes week by week.
YELLIN: It really does. And I have to say, the -- while the candidates are talking about the economy, some of their surrogates are slinging some mud. There's been some nasty fighting on other issues here, some negative ads about Senator Clinton, saying that she tried to deny people the vote, and Senator Clinton folks hitting Barack Obama for saying that he thinks Ronald Reagan is an admirable figure.
So they are having other people do the dirty work, but the candidates are really talking about the economy.
PHILLIPS: What would it be without the dirty work? You've always got to throw that in. Jessica Yellin, appreciate it.
YELLIN: Politics.
PHILLIPS: Yes, there you go.
LEMON: From Nevada to South Carolina, where the Republican hopefuls are well aware of that state's history of picking nominees. Our Mary Snow is standing by in Hilton Head today.
Hi, Mary.
MARY SNOW, CNN CORRESPONDENT: Hi, there, Don, and you know here in South Carolina the economy is also a big topic. This is a hotly contested state, the first real contest in the south for Republican presidential hopefuls. And they are mentioning President Bush's stimulus package today on the campaign trail. Mike Huckabee just crediting the president, saying that he thought he was on the right track. Rudy Giuliani also, he's in Florida today, but he released a statement saying that he, too, thought it was a positive step.
But all these candidates are offering their own plans. Senator John McCain is not as -- he has come out with his own stimulus package, and he's really been stressing the need to cut government spending in order to help the economy overall. But he came out with his plan yesterday.
Mitt Romney has said that he is going to have a plan come out pretty soon. But he does feel that it makes sense for Congress to take action pretty quickly.
Fred Thompson, campaigning here in South Carolina, is not so sure that a short-term government stimulus package is the right equation right now.
But certainly, as we have seen the conditions in the economy become more worrisome, it has become more and more of an issue here.
LEMON: And Mary, we just talked about this with Jessica; the topic is switching now to the economy. Has there been a switch in the economy taking the forefront as an issue on the Republican side?
SNOW: Yes, it really has. And it's been kind of interesting. Because you know, we were in Michigan, of course. That was the state with the highest unemployment rate, and Republicans were really forced to confront it.
And what was interesting is that, for Republicans, they tend to not want to have any government interaction in terms of a plan to help the economy. But really, in Michigan, there was no other choice but to talk about some government incentives. So it's put the Republicans in kind of a challenging place, since they normally rely on the free market.
But it has become a consistent theme with so many of the Republicans talking about tax cuts and, certainly, a number of them wanting to extend president Bush's tax cuts when they expire.
LEMON: Mary Snow in Hilton Head, thank you very much for that report.
A softer Hillary? A tougher Obama? What kind of America do the candidates stand for? Well, next Monday, January 21, the Democrats may face their toughest questions yet when they debate before the Congressional Black Caucus. That's Monday night, January 21 at 8 p.m. Eastern, right here on CNN.
PHILLIPS: Well, it's 1:20 Eastern Time right now . Here are some of the other stories we're working on in the CNN NEWSROOM.
President Bush proposes $140 billion in quick temporary tax relief to prevent an economic slowdown.
The search continues in Daytona Beach, Florida, for a serial killer. A profile -- profiler thinks it could be a clean-cut man with a decent job.
And after serving two years in prison for consensual teenage sex, Genarlow Wilson is a 21-year-old college freshman. He started classes at Atlanta's Morehouse College. LEMON: A legend who shocked the world dies in his adopted land. We'll look back at the quixotic life of chess master Bobby Fischer.
(COMMERCIAL BREAK)
LEMON: Well, he gave American chess fans a lot to cheer about. Today Bobby Fischer's being remembered, not only for his genius but also for his quirks and renegade behavior. The first modern-day American world chess champion, he died yesterday in his adopted country of Iceland. He was 64 years old.
And CNN's Emily Chang looks back at Fischer's controversial life.
(BEGIN VIDEOTAPE)
EMILY CHANG, CNN CORRESPONDENT (voice-over): It was just a game of chess, but it meant so much more. Iceland, 1972. America's finest player, Bobby Fischer, was about to take on Russian legend Boris Spassky.
It was the height of the Cold War. Nixon was in the White House, Brezhnev in the Kremlin. The tournament was considered a symbolic battle between the two greatest powers in the world. It was held in Iceland, midway between the U.S. and the Soviet Union.
The Soviets had held the title since World War II. That is, until Fischer won.
RAYMOND KEENE, CHESS EXPERT: He had such a dominating personality, such a fierce will to win in every circumstance, that the psyches of his opponents crumbled.
CHANG: It was as if he'd claimed victory for the U.S., not just in chess, but in the Cold War.
But Fischer's brilliance was quickly eclipsed by his idiosyncrasies. He gave up the title in 1975 when he refused to defend it. Then, he went into hiding.
He resurfaced in 1992 in Yugoslavia for a widely-publicized rematch against Spassky. He won, yet again. But the U.S. government claimed Fischer had violated U.N. sanctions against Yugoslavia imposed to punish Serb leader Slobodan Milosevic, and revoked his U.S. passport.
Fischer again disappeared. He popped up from time to time, giving interviews around the world, but some say his behavior grew more bizarre as years passed, often making anti-Semitic remarks, praising the September 11 attacks and calling the U.S. evil.
In 2005, he renounced his American citizenship and moved to Iceland, where he would die in a hospital three years later.
ROBERT WADE, FRIEND OF FISCHER: He would have learned that (ph). He must have had an awful time in the last years in Iceland. I'm told he spent time wandering around in book shops and that, trying to be -- find something interesting.
CHANG: His former opponent, Boris Spassky, said he was very sorry to hear of Fischer's death.
Despite his eccentricities, he'll be remembered as the winner of the chess match of the century.
Emily Chang, CNN, London.
(END VIDEOTAPE)
LEMON: Do you remember Bobby Fischer? Were you thrilled by his chess board skills, appalled by his politics, or both? How did his actions as a chess player and a U.S. citizen strike you? Send your photos and memories of the late Bobby Fischer, along with your condolences to CNN.com. Tell us what Bobby Fischer meant to you.
PHILLIPS: A task force in Florida, trying to find a possible serial killer. We're going to talk with an expert about how to flush him out.
(COMMERCIAL BREAK)
LEMON: Well, the Democrats pounding the pavement in Nevada. We heard from Hillary Clinton just a little while ago about what she thought of the president's economic stimulus plan.
Now we're looking at this live event happening at the University of Nevada in Reno. Barack Obama just introduced a short time ago by his wife, Michelle Obama. We're going to be monitoring this event to see if he speaks out, as well, his response to the president's economic stimulus plan. Details to come in the CNN NEWSROOM -- Kyra.
PHILLIPS: A clean-cut guy with a decent job, someone you'd never think could be a serial killer. That's the guy a task force in Daytona Beach, Florida, is looking for. The latest victim, a mother of two.
Here's reporter Darlene Jones (ph) of CNN affiliate WFTB.
(BEGIN VIDEOTAPE)
DARLENE JONES, WFTB REPORTER (voice-over): Daytona Beach police believe the serial killer lurking around is married or even has a girlfriend. More than a dozen detectives have been working with a profiler to figure out who he is, and now a task force will start working on the case.
CHIEF MIKE CHITWOOD, DAYTONA BEACH POLICE: Every night, what I want him to know is we're one day closer to getting him. Every single night when he lays his head down, he's got to be wondering if the SWAT team's coming through the door, because I got one thing that he can never change, and that's his DNA.
JONES: A security camera captured these images of his latest victim the afternoon before she was killed. 30-year-old Stacey Gage (ph) is wearing the same pink top, jeans and brown shoes she was wearing when she left home with someone later that night. Police believe that's who killed her.
CHITWOOD: This person that we're looking for is a clean-cut person. This person that we're looking for is somebody, this guy probably had a good job. He was somebody that you'll never suspect.
(END VIDEOTAPE)
PHILLIPS: Well, normal guy, decent job, probably has a girlfriend. When a serial killer hides under that veil of normalcy, finding him can be next to impossible.
Dr. Helen Morrison has written a book on serial killers. She joins us now live from Chicago.
Helen, always great to see you. Do you agree with that that if he does appear to be this way, if it turns out he is this sort of clean-cut guy that you'd go to church with, is it nearly impossible to find him?
DR. HELEN MORRISON, FORENSIC PSYCHIATRIST: No, not necessarily. I mean, the clean-cut part of him allows him to pick his victims because he's certainly not openly threatening to them. But, at some point, he's going to make a mistake and someone's going to remember a woman who got into his car or his van or his truck, someone is going to catch a glimpse of him.
And we already have -- they already have his DNA, so if there is a match to someone who has been in a prison system, who has had DNA taken for other reasons, it's going to be much easier. But at some point, he is going to make a mistake.
PHILLIPS: So Helen, but you remember Dennis Rader, the BTK killer from Kansas?
MORRISON: Yes.
PHILLIPS: Remember? And he was ...
MORRISON: Oh yes.
PHILLIPS: ...this clean-cut guy, married, kids, Boy Scout leader, went to church. And it took years and years and years to track this guy down.
MORRISON: Well, very frequently, it does take a long time to catch a serial killer. I mean, they don't just happen to kill a couple of people, and then they're not found for an extensive period of time. But as they kill more and more victims, they become less and less capable of hiding out.
And even Dennis Rader, if we all remember that case, he used his church computer and they were able to trace the notes that he was writing to the police and to the newspapers.
PHILLIPS: So, basically ...
MORRISON: So, they don't think things through.
PHILLIPS: So, eventually, you're saying they slip up. So, who do you think police should be looking for right now? What type of profile?
MORRISON: They should be looking for someone who's the same ethnic group, a man between the ages of 28 and 47, someone who may have some type of a legal record of assault or robbery, or driving tickets, someone who has possibly not even lived there. He might be a snowbird. He might be someone who comes down for a three-month vacation every year.
So, we can't say that he lives in the neighborhood. Probably knows the neighborhood very well. But, the police are using every possible means they have to try to identify him and find someone who saw him.
PHILLIPS: Now, you found it interesting that all four women were killed in winter months. Why?
MORRISON: Yes, well, I found it interesting because most serial killers, if they kill, are killing year-round. But if this is an individual who just comes to the area for a holiday, a winter break, or whatever, it may be that that's the reason we're only seeing these murders in the winter.
PHILLIPS: Police also believe that if the killer has a significant other, that that person could be in grave danger. Do you agree with that?
MORRISON: No, I don't.
PHILLIPS: Why?
MORRISON: Because we know that serial murderers never use violence against their partners. They have never, ever used domestic violence. They tend to put their violence outward. They don't tend to abuse their domestic partners. And in fact, many of the domestic partners end up being charged with a crime because the police assume that they know that the killer is doing this.
PHILLIPS: Helen Morrison, forensic psychiatrist, author of "My Life Among the Serial Killers." It's always interesting to talk to you. Thanks, Helen.
MORRISON: Thank you very much. Nice to see you.
LEMON: One of the victims in the Christmas Day tiger mauling at the San Francisco Zoo admits taunting the big cat before it escaped. That revelation in court documents obtained by the "San Francisco Chronicle." In those papers, police say one of the three victims was drunk and standing on a railing overlooking the tiger's habitat. An affidavit contends 19-year-old Paul Dhaliwal told the father of the teen who was killed that the three were yelling and waving at the tiger. Police say the taunting contributed to that tiger attack.
And we have something new from our friend at CNN.com and truTV. They've teamed up to bring you the best crime coverage on the Web. Go behind the police tape and into the courtroom like never before at CNN.com/crime.
PHILLIPS: Conceding the U.S. economy is at risk, President Bush is proposing a $140 billion stimulus plan.
(BEGIN VIDEO CLIP)
GEORGE W. BUSH, PRESIDENT OF THE UNITED STATES: This growth package must be temporary and take effect right away so we can get help to our economy when it needs it most. And this growth package must not include any tax increases. Specifically, this growth package should bolster both business investment and consumer spending, which are critical to economic growth.
(END VIDEO CLIP)
PHILLIPS: Well, the president is calling on Congress to pass temporary tax relief as soon as possible and to make permanent tax cuts passed in 2001 and 2003.
Four words of wisdom in times of economic uncertainty: take a deep breath. So says a popular adviser speaking last night on "LARRY KING LIVE."
(BEGIN VIDEO CLIP)
KIM KIYOSAKI, "RICH WOMAN: A BOOK ON INVESTING": I think President Bush is looking for kind of a quick fix, to be honest, and I don't think there is one. When you talk about a recession, the definition of a recession is when your neighbor is loses their house, but a definition of depression is when you lose your house. And right now, I think there's a lot of people that are very scared or very worried, they're hearing recession, recession, we're hearing all the negative news.
And so, my advice to people if you are scared, if you are worried, is take a deep breath, don't panic, and this is the time now more than ever to really, truly get smarter about your money and get smarter about -- learn about it, pay attention, be actively involved and don't wait for somebody else to take care of you, because the only one -- as you say, the only one that's going to take care of your finances and be concerned about your money is you.
(END VIDEO CLIP)
PHILLIPS: And you can hear an extended portion of Larry's panel of financial experts at 3:30 Eastern right here in the CNN NEWSROOM.
LEMON: They have their differences, but many of the presidential candidates do have a common bond, and that is cancer. And we'll tell you how a famous cancer survivor is making sure the disease doesn't get lost in the campaign trail. (COMMERCIAL BREAK)
LEMON: Democratic presidential contenders out stumping in Nevada today. One of them, Barack Obama. We heard Hillary Rodham Clinton's response to the president's proposed economic stimulus plan. We are awaiting a response from Senator Barack Obama as he campaigns there, speaks to folks at the University of Nevada in Reno. CNN NEWSROOM will update you as soon as we get it.
In the meantime, the presidential candidates like to point out how they're different. But almost all of them -- all of them -- have one thing in common, and that is cancer. It has touched many of them or their loved ones one way or another.
And probably a good question for our Elizabeth Cohen is, is that good news for folks who are wanting to know about cancer? It's popping up as an issue on the campaign trail. Does that mean more funding, more attention?
ELIZABETH COHEN, CNN MEDICAL CORRESPONDENT: It is popping up as an issue.
LEMON: Yes.
COHEN: It's really interesting to see the candidates talk about how they want more money spent on research, they want more money spent on preventative care.
And in South Carolina, there's something very interesting going on. When you think about campaign ads, you don't usually think about Lance Armstrong. But you've got to take a look at this. This is Lance Armstrong years ago when he was suffering from testicular cancer that spread to his brain and to his lungs. And this ad talks about cancer and says, do you realize -- do you know what the candidates are thinking about cancer?
Let's take a listen to an ad that's running in South Carolina.
(BEGIN VIDEO CLIP)
LANCE ARMSTRONG, CANCER SURVIVOR: We want to know how the next president is going to fight for us and our loved ones against this dreaded disease and throughout this campaign, I promise to make it my mission to keep cancer at the forefront.
(END VIDEO CLIP)
COHEN: Now Armstrong, like so many, is fighting for more money to spend on early detection and also wants people to stop smoking.
LEMON: OK, we've been hearing -- I've heard for years and you know, I'm not exactly sure what it is about cancer ally and all that. But in South Carolina, it's really bad. How bad is the situation there?
COHEN: It is bad. These numbers are really stunning. LEMON: Yes.
COHEN: I mean, you can see why these ads would work in South Carolina, of all places. One in two men in South Carolina will get cancer, and one in three women will get cancer. Those are really stunning numbers. And so you ask why?
Well, unfortunately, the answer is pretty simple. They have the 11th highest smoking rate in the United States, and the fourth-highest obesity rate. Both those things obviously contribute to cancer. Also, a lot of people aren't insured, so they don't get the kind of early screening that they ought to get.
And here's an interesting and very sad note in South Carolina. African-American women are 60 percent more likely than white women to die of breast cancer.
LEMON: And it seems, too, you know, the candidates now have to have a stance on religion, a stance on race, on the economy. Now, it appears that they have to have a stance when it comes to cancer. So, what do they want? What do the candidates want when it comes to cancer?
COHEN: Well, what's interesting is that what they want is probably partly based on their personal experiences. As Don was saying before, that some many of them, their lives have been touched by cancer. The list is long.
Rudy Giuliani, prostate cancer survivor. John McCain had melanoma. Thompson had lymphoma. And you can also go to their relatives, Edwards' wife, of course, has metastatic breast cancer, as many of us know. Obama's mother, ovarian cancer. And Clinton's mother-in-law died of breast cancer.
And those are -- so cancer has touched their lives. This isn't just something that they're thinking about, this has actually touched their lives.
LEMON: It's something that's part of their family or what have you, yes, absolutely, very interesting stuff.
Thank you very much, Elizabeth Cohen.
COHEN: Thanks.
LEMON: And also, CNN.com is the place to go for all your health news. From the candidates' health plans to the latest on fitness, cloned meat, patient power, it's all there at your fingertips. Just click on CNN.com/health.
PHILLIPS: Actors and filmmakers have come to this beautiful spot in Utah in search of the spotlight. We're live at the Sundance Film Festival.
And forget a quick trip to jail. One troubled Hollywood star is going somewhere a bit more gruesome, a punishment for driving drunk. (COMMERCIAL BREAK)
PHILLIPS: Well, if you want to make a splash in Hollywood, the place to be right now is Park City, Utah. It's home to the Sundance Film Festival where independent movies are definitely the stars.
Our Brooke Anderson, the main star for us, is in the middle of all the fun, of course. And she's always snagging all the fun interviews as well.
Hey, Brooke.
BROOKE ANDERSON, CNN ENTERTAINMENT CORRESPONDENT: Hey there, Kyra.
I've got a really fun interview right now with Colin Farrell and Brendan Gleeson. They're here with the film "In Bruges," and it received the coveted opening night slot here at the festival last night.
Congratulations, great to see you both. Now, "In Bruges," you play two hitmen who take a break in Bruges, Belgium. It was described as a dark comedy. How would you describe it?
COLIN FARRELL, "IN BRUGES": I would -- a dark comedy, on the money. They seldom get it right, but they got it right that time. Yes, I mean, it's got -- I mean, last night, judging by the audiences, two-and-a-half thousand people in the auditorium, and there was a lot of laughter going on in the hour and a half. Reading it as a script, it was hilarious to read.
But -- to do it, it wasn't so funny because there's a lot of tragedy in it, and the characters are going through a lot of pain. You know, so obviously, you're playing the truth of what's going on. But, yes, there are some amazing situations. And Martin McDonagh's dialogue is just second to none. He's just an incredibly unique writer, you know.
ANDERSON: Award-winning playwright, Martin McDonagh, doing ...
FARRELL: ...you know, an award-winning short filmmaker, as well. He won the Oscar for ...
ANDERSON: Absolutely.
FARRELL: ...which Brendan did with him, fixed shoot (ph), were Rory Conroy (ph) as well. And it's just amazing. He's just made the leap from play writing to film writing and now directing incredibly.
ANDERSON: And he said he let you two keep your Irish accents, even though you were hitmen based in London.
BRENDAN GLEESON, "IN BRUGES": I know, but I think, you know, he was brought up in London. He was afraid of how we'd mangle his native idiom. But so ...
FARRELL: You heard about "Cassandra's Dream," even though it was done very well (ph) before.
(LAUGHTER)
FARRELL: He had to be, literally (ph) ...
ANDERSON: Well, you know, I know that -- I know, Colin, that this was your ...
FARRELL: ...salt and Bailey's (ph), (INAUDIBLE), that is Irish.
ANDERSON: Oh my goodness, I am sorry about that. OK, well, I hope we caught that in time. But, you know -- we -- sorry, I'm a little bit ruffled now.
FARRELL: Sorry about that.
ANDERSON: But we know that this is your first time here at Sundance and Brendon, is this your first time as well?
GLEESON: Yes, I thought I was going to come here about 10 or 11 years ago, and it didn't happen. So, I'm doubly -- it's -- you know, it's great when you think it's not going to happen, and then it happens like this.
ANDERSON: And from an outsider's perspective until now, how important do you feel Sundance is to filmmaking, independent filmmaking?
GLEESON: Well, I mean, even from 6,000 miles away, we kind of know that there's somebody flying the flag for independent film and for, you know, worthwhile stuff to get made that's not part of the machine and all that. So, it fantastic and to be able to come with a film that you're particularly proud of and that a, you know, a unique and original feel to it. It's just -- it's fantastic really.
ANDERSON: And Colin, you said recently that you have to really love something ...
FARRELL: ...wrong word I've said recently.
ANDERSON: You have said the wrong word recently, and you've also said that you have to really love something to leave your family for three or four, five months. Your perspective has changed now that you're a dad.
FARRELL: A little bit, yes, you know, it just took a while -- yes, just to realize that it is taxing. It's not the hardest job in the world, and you know, it's very rewarding if you are fortunate enough to get the chance to do it. But going on the road for four or five months, personally just for me, it took me a while to realize that it is taxing, you know.
I do miss home and I do miss family and miss my son and my sisters and brother, mother, friends, all that (ph). So, yes, so if I'm going to leave home now, you know, I just -- maybe something that I believe in. That's all, it's just simple, you know. ANDERSON: "In Bruges" already locked in with a distributor, will be out next month.
Thank you both for joining us. Colin Farrell, Brendan Gleeson, great to see you both.
Kyra, back to you. It's a tremendous honor to be included here at Sundance, only 121 feature films. That's out of 3,600 that were submitted. Big honor.
PHILLIPS: Brooke Anderson, I've never seen your feathers ruffled like that before. You handled that very well.
ANDERSON: Oh, God. I'm so sorry.
PHILLIPS: Leave it to an Irishman to throw out a few "F" -- yes.
FARRELL: ...so well.
ANDERSON: He apologizes. He's sincerely sorry.
FARRELL: To whoever's watching.
PHILLIPS: He's a true Irishman. Brooke, thanks.
ANDERSON: Yes.
LEMON: We have new details into the CNN NEWSROOM this hour on that incident that took place just feet above that runway at Heathrow Airport. Richard Quest has the very latest in just a moment. You're looking at live pictures now. There's the plane on the ground. We'll get those new developments right here in the CNN NEWSROOM.
(COMMERCIAL BREAK)
LEMON: We have some new information in to the CNN NEWSROOM involving that British Airways jet, yesterday that incident at Heathrow. Richard Quest is on the case for us.
Richard, what have you found out?
RICHARD QUEST, CNN CORRESPONDENT: Well, this is the initial report from the air accident investigation body. And it makes extremely interesting reading. We now know that the plane was two miles away from Heathrow Airport. It was at 600 feet above the ground when something went wrong.
And listen -- let me read you from this report. It says, "the auto throttle demanded an increase in thrust. The engines did not respond. The flight crew moved the throttle levers. The engines, similarly, failed to respond. The investigation will now focus on the range of aircraft systems that could influence engine operation." What does this mean in layman's language? This is the equivalent, Don, of you putting your foot on the gas, and nothing happening.
So now, they have the situation where they don't know why it didn't happen, they know there was fuel on board the plane, because a significant amount spilled. But, Don, they do not know why. We know there was a power failure. Whether it was electrical, systemic, whether it was mechanical, but the engines did not respond, Don.
LEMON: And Richard, we are also hearing that the flight was normal. I think a passenger said that to you yesterday, according to this report, "normal until it was at the height of about 600 feet and two miles from touch-down." That's according to that report as well.
QUEST: As the plane would have been coming in to land, something will have happened. The auto throttles would have wanted a little bit more thrust. It didn't happen. So they pushed the levers. Classically, just like you see in the movies. They push the two levers forward. And it didn't respond.
Why didn't it respond? The 777 has an excellent safety record. I can tell you, Don, now that the U.S. NTSB investigation, Boeing investigators from the United States, are in Britain at the moment, assisting and aiding the British authorities. But tonight, either BA maintenance and certainly Boeing and Rolls Royce, have a problem on their plate.
LEMON: All right. Richard Quest on top of this story for us with the new information about the report, at least initial reports here. We appreciate you joining us.
PHILLIPS: Charred car seats and a burned-out car. It could have been a tragedy, if not for a stranger's heroics. We'll have that story in the NEWSROOM.
And, tragedy proves to be the mother of invention. One woman comes up with a device that won't let parents forget their kids are in the car.
(COMMERCIAL BREAK)
PHILLIPS: Michael Wright calls himself a dad. To another family he'll always be a hero. The Charlotte, North Carolina man was the first to react when four small children became trapped in a burning car. The story now from reporter, Shawn Flynn, of News 14 Carolina.
(BEGIN VIDEOTAPE)
SHAWN FLYNN, REPORTER NEWS 14 CAROLINA: A mother of three was inside this North Charlotte convenience store Wednesday, buying baby food when she turned, saw her car was on fire with four kids trapped inside. Michael Wright lives next door. Someone told him the car was on fire.
MICHAEL WRIGHT, PULLED CHILDREN FROM BURNING CAR: When I opened the door, that's when I really found out how intense the flames were and that the kids were just engulfed. I was trying to have my foot -- you know, trying to pull the seat belt they were strapped in. I was trying to do anything because it was just really intense.
FLYNN: Minutes later, you see the mother frantically going back in and out of the store holding her baby. That's when fire and medic arrived. You can see burned baby clothes and car seats.
WRIGHT: It's a slight flash burn, they said.
FLYNN: Wright received only minor injuries but cannot forget what happened.
WRIGHT: That's it. That just keeps playing over in my mind, you know like a recording. You know, screams, screams, they're screaming. They hollering for their mama, you know, and there's nothing that they can do. Nothing, just scream.
FLYNN: Wright said he's no hero, just a parent.
WRIGHT: I have children, so I would do anything to save a child. As a parent, you would do anything, anything.
FLYNN: In Charlotte, North Carolina, Shawn Flynn for CNN.
(END VIDEOTAPE)
LEMON: How many times do you hear stories about children left in a hot car with tragic results from that? Well, one Ohio woman heard too many of them. She invented a simple pad that goes under the car seat. If your child is sitting in the seat, a light on the dashboard comes on. Take the child out of the seat, the light goes off. How simple is that? Well, the woman is getting a patent for it. She's calling the device, "Celia's Safety Seat," after a little Ohio girl who died.
The next hour of the CNN NEWSROOM starts right now.
President Bush outlines the stimulus plan for the U.S. economy. But Wall Street wonders, will it work. The president says $140 billion in tax relief will boost business expansion and consumer spending, easing the slowdown caused by home foreclosures and the credit crunch.
PHILLIPS: At the moment, the Dow is back in the negative territory after an early rebound. Some traders say the stimulus package needs to be even bigger.
Hi, everyone. I'm Kyra Phillips at the CNN World Headquarters in Atlanta.
LEMON: And I'm Don Lemon. You're in the CNN NEWSROOM.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.voxant.com
