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Vice Presidential Debate: Will it Impact November Election?; Trial of Ted Stevens Halted After Mistrial is Requested; Mexico's Economy Severely Stunted by U.S. Financial Crisis; Looking into the Second Bridge to Nowhere

Aired October 02, 2008 - 10:00   ET

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

FREDRICKA WHITFIELD, CNN ANCHOR: ... seeming too weak. For both candidates it will be like walking on egg shells on what's expected to be the most watched vice presidential televised debate in history. Fredricka Whitfield, CNN, Washington.
(END VIDEOTAPE)

HEIDI COLLINS, CNN ANCHOR: Meanwhile, democratic presidential candidate Barack Obama is at the podium in Grand Rapids, Michigan. Let's listen.

SEN. BARACK OBAMA (D), PRESIDENTIAL CANDIDATE: I think it should go pretty well. That's my hope anyway. I've got a gift all picked out. You know, obviously there's been a lot in the news over the last couple of weeks. The events of the last few weeks have shown us that the stakes in this election could not be higher. We were in a financial crisis as serious as any that we've faced since the Great Depression.

In recent weeks we've seen our financial landscapes shift before our eyes. We've seen a growing credit crunch put new pressure on banks and businesses and families. On Monday we saw the single largest decline of the stock market in two decades, a decline that threatens not just the wealth of Wall Street executives, but the life savings and the jobs and the economic security of millions of ordinary Americans. Everywhere you look, the economic news is trouble. But for so many of you here in Michigan, it isn't really news at all.

600,000 jobs have been lost since the beginning of the year including about 30,000 here in Michigan. The unemployment rate here in Grand Rapids and other parts of this state is nearly double what it is across the country. And a new jobs report coming out tomorrow that experts predict will show our ninth straight month of job loss. Nine straight months of job loss.

Yet just two weeks ago John McCain said the fundamentals of the economy were strong. I don't know what yardstick Senator McCain uses, but where I come from there's nothing more fundamental than a job. When we're losing jobs month after month after month, when good hard- working Americans who have done everything right watch their dreams slip away, the fundamentals of our economy are not strong. It's time we had a president who understands that.

(CHEERS AND APPLAUSE) OBAMA: It's time we had a president who understands what it's like to stand alongside people who have been laid off their jobs and walk the picket line with them, who understand what it's like to listen to a grown man choke up because he hasn't just lost his job, he's lost his pension, he's lost his health care and he's trying to figure out how he's going to go home that day and explain to his wife and his kids that they're in trouble and he may not be able to take care of them the way he wants.

There's something wrong about that. There's something un- American about that. And that's the reason I'm running for president, is to change that.

It's not just jobs, though. Home values are falling. If you have a job, wages and incomes have flat-lined. The cost of everything from gas to groceries is going up and up and up. These are the quiet storms that our families have been facing for months if not years. These are the storms that will only get worse if we don't act and act now to pass the rescue plan that's before the House of Representatives. Democrats and Republicans in the House need to do what the Senate did last night. They need to go ahead and deal with this immediate crisis, understanding that the immediate crisis alone is not going to solve the long-term problems here in Michigan but can prevent it from getting worse.

If the financial markets collapse and loans are not available, businesses large and small will follow. We're already seeing reports of that today. The auto industry, as tough as it's headed, is getting even more disseminated because people can't get car loans now. Small businesses aren't able to get loans to make payroll. If this continues, then we could see the unemployment rate jump even higher.

So it's your jobs, your savings, and your ability to pursue your dreams for your children that are at risk. That's why we have to act. Why we have to set aside the politics of the moment and exercise something we haven't seen in Washington lately, responsibility.

(CHEERS AND APPLAUSE)

Now, let me be clear, because I know people are frustrated. The fact that we're in this mess is an outrage. It's an outrage because we didn't get here by accident. This is not a normal part of the business cycle. This did not happen because of a few bad apples. This financial crisis is a direct result of the greed and irresponsibility that has dominated Washington and Wall Street for years.

(CHEERS AND APPLAUSE)

It's a result of speculators who gamed the system, regulators who looked the other way, lobbyists who bought their way into our government. It's the result of an economic philosophy that says we should give more and more to those with the most and hope that prosperity trickles down on everybody else. A philosophy that views even the most common sense regulations as unwise and unnecessary. This crisis is nothing less than a final verdict on that failed philosophy. And it is a philosophy I'm running for president to put to an end. Enough is enough.

(CHEERS AND APPLAUSE)

That's what this election is all about. Because, despite my opponent's best efforts to make you think otherwise, this is the philosophy he's embraced during his 26 years in Washington.

Over the past few days he's talked a lot about getting tough on Wall Street. But over the past few decades he's fought against the very rules of the road that could have stopped this mess. He says he'll take on corporate lobbyists now. He put seven of the biggest lobbyists in Washington in charge of his campaign. If you think those lobbyists are working day and night to elect him just to put themselves out of business, I've got a bridge to sell you up in Alaska.

(CHEERS AND APPLAUSE)

The truth is my opponent's philosophy isn't just wrong-headed. It reveals how out of touch he and his party have been. How else could you offer $200 billion in tax cuts for big corporations at a time like this? How else could you propose giving the average Fortune 500 CEO a $700,000 tax cut at a time when millions of Americans are struggling to pay their bills? How else could you come up with an economic plan that leaves out more than 100 million middle class families at the very moment they need help the most?

Senator McCain just doesn't get it. Well, Michigan, you get it. And I get it. That's why we're here today. We know the next four years don't have to look like the last eight. We know we can steer ourselves out of this crisis because that's who we are. Because this is America. We're a nation that's faced down war and depression. Great challenges and great threats, and at each and every moment, we've risen to meet these challenges because we've never forgotten that fundamental truth, that here in this country, our destiny is not written for us. It's written by us.

(CHEERS AND APPLAUSE)

And it is time to take our destiny into our own hands once again and reclaim our economic future. A part of what that means is passing the rescue plan that's before Congress. I know many people were outraged when this administration initially asked the American people to sign a blank check to solve this crisis, and I was outraged, too. That's why I fought to make sure the rescue plan protects taxpayers, provides oversight and accountability, helps struggling homeowners stay in their homes, doesn't reward the Wall Street executive whose greed and irresponsibility led us into this perilous moment.

While these taxpayer protections are now part of the rescue plan, this plan still isn't perfect. It isn't what we have to do to prevent a crisis from turning - it is what we have to do to prevent a crisis from turning into a catastrophe. But understand, even with this plan we may face a long and difficult road to recovery. That's why if I'm president, passing this rescue plan won't be the end of what we do to strengthen our economy. It's just the beginning of what we need to do to strengthen our economy here in Michigan and all across the country.

We need a long-term rescue plan for our middle class, a plan that will create millions of new jobs, help families keep up with rising costs, relieve the burden of crushing health care costs, educate the next generation of Americans with the skills and knowledge they need to compete with any workers anywhere in the world.

Now, people have asked whether the size of the plan that Congress is voting on, together with the weakening economy, means that the next president will have to scale back his agenda and some of his proposals. And there is no doubt that some programs or policies that I've proposed on the campaign trail may require more time to achieve. But I reject the idea that you can't build a strong middle class at a time when our economy is weak. I believe that building a strong middle class is the key to making our economy strong. That's what we're going to do when I'm president of the United States, you and me working together.

Now, to create new jobs, we'll not only invest in rebuilding our crumbling roads and bridges, our outdated electricity grids, we are going to strengthen the auto industry that built the middle class in this century. The number of auto companies are showing real leadership in building fuel efficient cars. And I applaud them for it. But I refuse to accept that Washington has to stand idly by while foreign automakers out pace us. I'm running for president to make sure the cars of the future are made in the same place they've always been made, right here in Michigan.

(CHEERS AND APPLAUSE)

I'll be the president that finally keeps the promise made year after year by fund providing the funding our auto industry needs to make retool our factories, make fuel efficient, and alternative fuel cars and trucks. We made some progress. We got some loan guarantees passed out of Congress. But we're going to need the next administration to push this through fast, to be firm, to be serious, to not wait six years before he meets with the auto leaders in this state. We need somebody who is engaged and focused on making sure that the cars of tomorrow are built right here in the U.S. of A., and that's what I'm going to do when I'm President of the United States.

(CHEERS AND APPLAUSE)

And as we fight to reverse the decline in manufacturing over the last eight years, we'll also bring manufacturing into the 21st century by building an American green energy sector. We will invest $15 billion a year over the next decade in affordable, renewable sources of energy. Wind power and solar power, the next generation of biofuels, an investment that will lead to new industries and five million jobs that pay well and that can't ever be outsourced. We're going to open up old plants that used to just make steel, now they're going to be making wind turbines. We're going to open up other plants to make solar panels. We will invest in the R&D so that the batteries these new electric cars need are made right here in Michigan working with our top flight university. We can look at family farms and say grow switch grass and we're going to create cellulosic ethanol for the alternative fuel of the future.

When John F. Kennedy said we're going to the moon in 10 years, the engineers didn't know quite how to get there, but they understood that when America puts its mind to it, we can do it. So I am here to tell you today -

COLLINS: There you go. Just a flavor of Senator Barack Obama at his rally there taking place in Grand Rapids, Michigan. Also I want to let you know, Senator John McCain also has a rally coming up later on tonight in Denver that will happen about 6:15 Eastern time there. And of course, the big event of the evening, 9:00 p.m. Eastern. There you see Senator Joe Biden, Governor Sarah Palin, the vice presidential debate will be taking place and everyone will be watching. We're actually taking your e-mails on this, too, whether or not you think this debate will affect the outcome of the presidential election.

Also, news to tell you about regarding adventurer Steve Fossett's airplane. Let's listen to a moment now, a little bit of sound coming in for us from a press conference that happened in California. This is the Sheriff of Madera County. Let's listen in.

(BEGIN VIDEO CLIP)

SHERIFF JOHN ANDERSON, MADERA COUNTY, CALIFORNIA: Late last night, just about time we were going to call off the search, the aircraft from Yosemite National Park spotted what they thought was wreckage on the ground. The search team, they were planning to spend the night in the mountains. They got the GPS coordinates from the aircraft. They went in and they did locate an aircraft which we have now confirmed is the one that Steve Fossett was flying when it disappeared last Labor Day.

UNIDENTIFIED MALE: Are there any indication of human remains at the site of the wreckage?

ANDERSON: No, none.

UNIDENTIFIED MALE: So does it appear he may have left the aircraft?

ANDERSON: I'm going to say I've not seen it, but I've seen photographs. They took photographs last night. The crash looked to be so severe that I doubt if someone would have walked away from it.

(END VIDEO CLIP)

COLLINS: Once again, giving you a little context. That was Madera County Sheriff John Anderson talking about the missing aircraft of Steve Fossett which actually disappeared September 3rd of 2007. They went ahead and sent out investigation teams and so forth, the NTSB has been there, trying to determine what this wreckage is all about. And there you heard it from the sheriff. They have confirmed that indeed they do believe that was Steve Fossett's aircraft. We'll stay on top of that story for you.

Meanwhile, once again, a reminder, Thursday night, must-see TV, the vice presidential debate. Before you watch, listen to what our experts have to say coming up right here in the CNN NEWSROOM.

(COMMERCIAL BREAK)

ANNOUNCER: This is CNN, the most trusted name in news. Now back to the CNN NEWSROOM.

COLLINS: We are in St. Louis at the site of today's vice presidential debate. Both sides playing the expectations game. CNN's Suzanne Malveaux is watching Joe Biden and the Democrats.

Good morning to you, Suzanne.

SUZANNE MALVEAUX, CNN CORRESPONDENT: Good morning, Heidi. Obviously a lot of anticipation, a lot of excitement about this. You may recognize this auditorium. We were here four years ago. This is where George Bush and John Kerry actually faced off. We'll see if there are the same kind of fireworks between Sarah Palin and Joe Biden. The are just beginning to kind of do the sound checks behind me, the podium there, you can see them set up.

The moderator Gwen Ifill from PBS will be in the middle in that middle tablet here, probably a hobble over there because she broke her ankle yesterday. But she's going to show up. Obviously a lot of anticipation. This is the kind of debate that people have been looking for. The only chance for these two to face-off.

We know that Joe Biden has been in debate camp. He's kind of practice sessions with Michigan's Governor that being Jennifer Granholm. She's been playing Sarah Palin. It's kind of been a back and forth and what the Obama campaign says is that they are going to treat Sarah Palin with respect. It is not going to be this kind of attack mode or personal attack by any stretch of the imagination. They're going to be focusing on issues and specifically what they're going to try to do is link Sarah Palin to John McCain, John McCain to George Bush. They're going to say it's very much of the same old same old. So they're not specifically going to go after her record, per se, but just take a look at those policy positions and set up a contrast between Joe Biden, Barack Obama and the other team. Heidi.

COLLINS: All right. CNN's Suzanne Malveaux in St. Louis for us. Thank you, Suzanne. Also I just want to let you know, we'll be checking in with our Dana Bash who is covering Governor Sarah Palin and get her take on what will be happening from that side of the fence. Take a quick break. We're back in a moment.

(COMMERCIAL BREAK)

COLLINS: Quickly we want to get to our Dana Bash who is now joining us from inside the debate hall at Washington University in St. Louis, the place for all of the action. Looks like you're actually right outside the debate hall. Hi there, Dana. We know that you're covering Governor Sarah Palin. What are we going to see tonight.

DANA BASH, CNN CORRESPONDENT: Well, I'll tell you what, her aides say they hope that they're going to see and we'll see from the Governor. What they say is that they are very well aware, Heidi, of the bad reviews of her interviews lately. And what they're hoping is that the fact that it is going to be 90 minutes of what they call Sarah Palin unfiltered. They hope that that is going to bring about the same kind of feeling that many people had when they first saw her on the national stage, on the international stage, at the Republican National Convention.

If you listen to what John McCain said in AMERICAN MORNING this morning, it is pretty clear that they understand that she has changed - the dynamic for her, rather, has changed with regard to voter and public perception of her, specifically with regard to her ability to lead and to her experience. Listen to what Senator McCain said in previewing his running mate's performance tonight.

(BEGIN VIDEO CLIP)

SEN. JOHN MCCAIN (R), PRESIDENTIAL CANDIDATE: The fact is that she'll do fine tonight. She has experience, she has talent, she has leadership. She has great inner strength. She has an ability to lead that's been proven, taken on her own party. Joe Biden and Barack Obama have never taken on the leaders of their party on any issue. She stood up for what's right for the people of Alaska and she will stand up for what's right for America.

(END VIDEO CLIP)

BASH: Now she, just like Joe Biden, has been preparing, practicing. She has been using for the past - really over a month or so, flash cards. She has been doing Q&A with advisers over the past several days. It's been more formal with regard to her debate prep at John McCain's ranch - actually at his cabin by a creek near Sedona. So what they're hoping - everything that they're hoping Heidi, is what she's able to do tonight is to continue to connect with average Americans. You heard her do it over the past couple days, talk about the fact that she hasn't had health care for times in her life, that they're watching their 401(k) just like everybody in America sort of you know, lose money. So that kind of connection is what they're hoping Sarah Palin can continue to do in her debate tonight. But there is no illusion inside the McCain campaign. They know how high the stakes are for her tonight.

COLLINS: All right. CNN's Dana Bash. Thank you, Dana.

You know, tens of millions of Americans are expected to watch tonight's V.P. debate, maybe even more than Barack Obama and John McCain. So joining me to talk about all of it, from New York today, those expectations - Republican strategist Leslie Sanchez. Hi there, Leslie.

LESLIE SANCHEZ, REPUBLICAN STRATEGIST: Hi.

COLLINS: And democratic strategist Keith Boykin. Hi there, Keith.

COLLINS: Hey, guys, quickly, what are we going to see tonight? I'd like to know a little bit more real quickly about what Sarah Palin has to do and what Joe Biden has to do. Keith, I'll start with you. KEITH BOYKIN, DEMOCRATIC STRATEGIST: Well you know I think Sarah Palin is an experienced debater. She's done well in previous debates. She beat Frank (INAUDIBLE), Tony Knowles in Alaska. She has got to show I think tonight that she has the experience in order to succeed John McCain should something happen to him.

COLLINS: Hey, Keith, let me just while you bring that up. Let me read you something here from the "Wall Street Journal" regarding that gubernatorial debate which was two years ago. It says this, some of the things that were surprising for people, I guess, "One is the stack of color-coded cue cards she took to the podium for help whenever she was asked a policy question. The other is how quickly she was able to shuck those props, master the trusty and parry of jousting with here opponents and inquisitors and project confidence to an audience of television viewers watching from home."

BOYKIN: Yes. I think the big danger for the democrats is underestimating her. You know what happened with previous elections, I go back to Ronald Reagan, for example, is that we underestimated him. We thought he was just an actor. He wont be able to stand up to the scrutiny. But Ronald Reagan actually did very well because he could disarm his opponent. I think Sarah Palin may be able to do that well, too. So I think her real opportunity tonight is to show that she has foreign policy experience. To show that she can actually talk about issues authoritatively. She may do very well. She may be much more impressive than Democrats expect.

COLLINS: OK. What do you think, Leslie?

SANCHEZ: This is like a made-for-TV movie. It has, you know, it offers both promise and peril at every turn. And I think that's also why, interestingly, it's going to be the most watched of all the debates and historically go back to Geraldine Ferraro in 1984, the same thing happened then. So there's a precedence for that. But it's a tall order. Not only does she have to go against Joe Biden who is one of the most experienced, seasoned senators who has been running for president, you could say for 16 years.

COLLINS: Yes. In fact, you guys are setting me up beautifully today. I want to show this.

SANCHEZ: I'm glad but -

COLLINS: From the "Washington Post" - wait Leslie, I want to bring this in because you're bringing it up for me. "Washington Post" Greg Mueller is a Republican strategist said this, "Joe Biden is simply the other character on the stage. He is a skilled debater and has a deep command of the issues, distinct advantages. His challenge is to showcase his experience, the sole reason Obama chose him - and try to trip up Palin without appearing patronizing or condescending." This will be important for him.

SANCHEZ: Absolutely true. You know, what's interesting is it's going to come down to two things. She is going to have a common sense reform, kind of passionate action-oriented agenda. She's saying that no dust is going to collect on her pumps, you know, versus somebody like Joe Biden, who is a progressive liberal agenda who is saying I want to move forward with Obama's vision of these policies, this progressive agenda.

So it's very different. It's status quo with Biden versus somebody who really kicks around the system. I think that's what people - that's fundamentally what people saw. She's somebody who did that in her own state. She is seen that way and that's how the two are going to come out. And also, you have to keep in mind, I do believe that she has somewhat a hostile national press to deal with.

There's a lot of people who are looking at her with a jaundiced eye, very skeptically. But she connects with Main Street voters. They're looking for common sense on their 401(k)s, on this economic crisis. They don't trust the government. And she's seen as somebody who is outside of the Washington camp.

COLLINS: But at the end of the day, guys, the big question seems to be after this night and after we've heard so much buzz about this particular debate above all others, will it really matter in the long run when people go and cast their vote for president? I'll give you each an answer. Keith.

BOYKIN: I don't think it will matter unless one of the candidates makes a huge mistake. You know, what's going to happen tonight is pretty clear. Sarah Palin is going to screw up at some point and the Democrats are going to use it against here. And Joe Biden is going to make some kind of gaffed and the Republicans are going to try to use it against them.

But in the end it's going to reinforce the opinions that each side has about their candidate. It's not going to change a heck of a whole lot which is the problem with John McCain because ultimately the election is about the presidency and not about the vice president. And so, I don't think she can get out of this unless she puts in an exceptional performance. And --

COLLINS: Leslie --

SANCHEZ: You know, I hate to raise expectations for her, but truth be told she has to reinvigorate the John McCain ticket. I mean, it has suffered and been stalled because of this economic downturn. People like to --

COLLINS: Can you do that as VP candidate?

SANCHEZ: There's so many people watching. There's an excitement that is going to be generated, or it's not going to be generated. But there is a residual effect from this debate because she's such a unique candidate and she brings so much common sense and excitement to the ticket. So that's the test.

COLLINS: All right. Well we sure do appreciate it. Some people are actually saying the presidential candidates have said, geeze, if we could get them to take the Hippocratic oath which is something like do no harm --

BOYKIN: First do no harm.

COLLINS: -- that would be good.

All right. Keith Boykin, Leslie Sanchez -- thanks, guys.

BOYKIN: Thank you, Heidi.

COLLINS: Be sure to stay with CNN tonight for complete coverage of the one and only vice presidential debate. As you know by now, 9:00 p.m. is the time, Eastern that is. Join the best political team on television for analysis before and after.

Coming up, the bailout bill and how it's playing on Wall Street.

(COMMERCIAL BREAK)

COLLINS: Shoring up America's financial system. Monday the House said no. Last night the Senate said yes after adding a few things. Now bailout bill is back in the House. A vote on the $700 billion plan could come tomorrow. The Senate's version increases bank account protections and adds additional tax breaks.

So, how is the bailout vote playing on Wall Street? Well, there you have it right here. Down on the Dow Jones Industrial Averages by about 208 points. We're going to keep our eye on those numbers for you.

Earlier, though, we asked for your thoughts about tonight's vice presidential debate. We wanted to know if you thought it would affect the November election. We've had a lot of e-mails coming in on this. And want to give you a batch of some more that we've received here.

Suzanne in Tennessee says: "My two sons are United States Marines and they are both at war in Iraq. So yes, I will listen closely to the answer of each candidate. It is extremely important for me to know their views because they may be my sons' boss."

Jacky in St. Louis: "It will only matter if either candidate makes a huge blunder. And we know they are both very capable of doing just that."

John Allen in Avon, Indiana says: "While the vice presidential debates will be interesting to watch, it is not these two candidates that we will be voting for in a few weeks. In fact, like most vice presidents, whoever ends up getting the job will be forgotten about by the end of November. This is the last time they will be heard from."

Well, we do want to hear from you. Do you think tonight's vice presidential debate will affect the November election? Send us your thoughts. They have been pretty interesting -- cnnnewsroom@cnn.com.

Going home, ready or not. Hurricane evacuees who fled to San Antonio got on buses yesterday for Galveston. San Antonio is closing its shelters now, nearly one month after Hurricane Ike hit. Texas is upping the amount of food stamps for families recovering from Ike while search teams continue looking for about 50 people still missing after the hurricane. They're focusing on five areas identified by cadaver dogs.

Now to California and the fight against a wildfire. The fire that closed a section of California's Interstate 5 now under control. Fire torched about 75 acres of brush in the Angeles Natural Forest, that is north of Los Angeles. A forest service spokesman says it should be out by this afternoon. That would be some good news for them.

And now we want to talk with Reynolds Wolf more about that and the rest of the weather across the country.

You don't have anything too upsetting do you? We can't take it, Reynolds.

REYNOLDS WOLF, CNN METEOROLOGIST: Yes, I know. Exactly.

(WEATHER REPORT)

WOLF: Heidi, let's hand it back to you.

COLLINS: All right. Very good, Reynolds. Thank you.

WOLF: You bet.

COLLINS: You've heard about the bridge to nowhere, but did you know there's more than one? We head to Alaska for a closer look.

(COMMERCIAL BREAK)

COLLINS: Quickly want to get to some news that is coming into us here in the CNN NEWSROOM about Senator Ted Stevens, Alaska senator. You know the story, but we're going to take it on over to Kelli Arena, our justice correspondent, for the latest on this because this could be a pretty big deal in these proceedings.

KELLI ARENA, CNN JUSTICE CORRESPONDENT: It could be. The trial has come to an abrupt halt, Heidi, rescheduled for 4:30 this afternoon.

Here is what happened. Defense attorneys for Senator Ted Stevens, who is accused of lying on disclosure forms about gifts that he received from a corporation called Veco -- his lawyers are saying that prosecutors never turned over FBI notes regarding their star witness, a man named Bill Allen, who is the former CEO of Veco Corporation, until late last night. And they're asking for a mistrial.

They say that this makes it not fair. They're supposed to have all of the information that the prosecution has. And the judge, very angry, said that he was halting the trial. Both sides have to present whatever information they have this afternoon, and then at 4:30 he's going to consider that request for a mistrial.

And I'll tell you, Heidi, it's not at all what we were expecting to happen today. We were expecting to hear those FBI tapes of conversations that Bill Allen had with Senator Stevens, of course, without Senator Stevens knowing. That was supposed to be played in court today. Of course, this all has to do with the charges that Bill Allen and his corporation did major renovations on Senator Stevens' Alaska home that Stevens allegedly never paid for. Of course, Senator Stevens contends that he paid every bill that he got, that he was in Washington, he wasn't really in charge of the project, it was his wife.

COLLINS: Yes, in fact, he's pleaded not guilty to all of this.

ARENA: Exactly, he has.

And as you know he is up for re-election, he's been stuck in this courtroom while his opponent has been out there campaigning. This would be the best news ever, politically, you know, for Senator Stevens. He could put this all behind him, get going.

Who knows what's going to happen? But 4:30 we will definitely find out.

COLLINS: OK. Very good. Kelli, we'll be watching that. Let us know if you hear anything before then.

ARENA: Will do.

COLLINS: Kelli Arena, appreciate it.

ARENA: You're welcome.

COLLINS: Wall Street is on edge waiting for the House vote now on the bailout bill. And until we get it, stocks are falling once again. Susan Lisovicz is on the floor of the New York Stock Exchange with details.

Hi there, Susan.

SUSAN LISOVICZ, CNN CORRESPONDENT: Hi, Heidi.

Well you know stocks were kind of flat basically at the close yesterday. We were waiting for the Senate to vote. The vote came, it was approved. And yet we're seeing a sharp sell off. Why is that?

COLLINS: It came and it went.

LISOVICZ: It came and it went, and now we're waiting on the House. History has shown us what happened with the House. And there's not a wide sense of, I would say, approval with what's in this particular package. As one strategist told me, he said this has all the earmarks in this particular version that we've become used to. Everything from, I think, one strategist said from American Samoa to Puerto Rican rum. And the House may dicker over that and maybe go into committee.

In any case, it's not a done deal. And we know that it's not received well here.

In the meantime, of course, we get economic data in real time. We got weekly jobless claims one day ahead of the jobs report, and it's bumping up against half a million. It's at the highest level since September of 2001.

Also, I should just mention quickly, GE going to Warren Buffett. The "Oracle from Omaha" saying he'll invest as much as $6 billion at a very good price. And one of the guys that I was talking to said, you know, if Warren Buffett really believed in the stock, why doesn't he buy it just like everybody else? The shares are down a third. He got a better price, preferred shares with a 10 percent dividend. That is one heck of a dividend, Heidi. So, GE shares are under pressure, they are down 9.5 percent. And that's a Dow 30 stock. That's pressure in the blue chips.

And check out the big board. A little more than one hour into trading, the Dow is down 223 points. The Nasdaq is down 55. Oil is down nearly $4 -- Heidi.

COLLINS: Yes, and first and foremost, Warren Buffett is certainly a businessman.

So Susan, a lot of people are wondering what is it going to take to make this market happy? I know it's a huge question. And we can't talk about one without talking about credit because that's clearly something that we don't have a measure of every day when we look at the big board.

LISOVICZ: Well I think -- and that's a really good point about GE. GE has been around, it's been a member of the Dow Industrials since its inception in the late 1800s. It's a triple-A rated company. And if GE says it's issuing at least $12 billion in new shares, and it's going to Warren Buffett, it just gives you an idea of how shaky and fragile and nervous the market is.

There is now talk -- there was an article in the "Wall Street Journal" today that the Fed now may step in by lowering interest rates. That really wasn't much of an option just as much as -- just as recently as two months ago when we saw record high oil prices approaching $150 a barrel. Well oil right now is under $95 a barrel. Gives them the option, Heidi.

COLLINS: All right. We're watching.

Susan Lisovicz, thank you.

Well by now you have no doubt heard about the notorious bridge to nowhere. But did you know there are two bridge projects in Alaska. Special investigations unit correspondent, Abbie Boudreau, goes to Anchorage for a look at the one no one is talking about, including Governor Sarah Palin.

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GOV. SARAH PALIN (R), VICE PRESIDENTIAL CANDIDATE: When oil and gas prices went --

ABBIE BOUDREAU, CNN SPECIAL INVESTIGATIONS UNIT CORRESPONDENT: You've probably heard the speech --

PALIN: I told the Congress, thanks but no thanks on that bridge to nowhere.

BOUDREAU: -- but you may not know there were really two proposed bridges in Alaska, both dubbed "Bridges to Nowhere" by Congress.

Palin killed the first bridge in Ketchikan. But she still supports the second one to be built here, near Anchorage. Former Democratic Alaskan governor, Tony Knowles, says Palin is misleading Americans.

TONY KNOWLES (D), FMR. ALASKA GOVERNOR: It's really deceptive, once again, to say that I told Congress, on the bridge to nowhere, thanks but no thanks. There's two bridges. She knows it.

MEGHAN STAPLETON, MCCAIN-PALIN CAMPAIGN SPOKESPERSON: There's no coverup here.

BOUDREAU: Palin's spokesperson, Meg Stapleton, says the governor has done nothing wrong by not talking about the other bridge to nowhere, and blames the media for only asking about the one bridge in Ketchikan.

STAPLETON: The national media may just be learning about it, but she has said this. The national media is focussed on one because it was perhaps the easiest one to talk about. Now we're getting into one --

BOUDREAU: Because we just found out.

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BOUDREAU (on camera): It's the one she continues to talk about.

STAPLETON: It's the one that Ketchikan residents have brought up because they felt that it was sort of a gotcha moment.

BOUDREAU: But that was part of her introduction to the country, was this bridge to nowhere.

STAPLETON: And there are serious questions about this second one. But the second one there hasn't been a decision made on it.

BOUDREAU (voice-over): Stapleton says though Palin believes the bridge is needed, the governor recently called for a review of its costs, an estimated $600 million, including $105 million of federal funds.

So is it really a bridge to nowhere, as even Senator McCain has called it?

(on camera): We've been driving for about an hour and a half now. And we've finally made it to the area where the bridge would actually connect. But there is nothing out here, nothing.

(voice-over): The bridge would start in Anchorage. It would stretch about two miles over the Knik Arm inlet to Point Mackenzie, population 269, an outlying community of Wasilla, Governor Palin's hometown. The bridge is supposed to help reduce traffic congestion and also encourage new development in an area where there's not a whole lot now.

(on camera): What's around this area?

JEFF ANDREWS, POINT MACKENZIE, ALASKA: There used to be some good hunting. There's a port half a mile that way.

UNIDENTIFIED MALE: Correctional facility --

ANDREWS: The correctional facility is about 12 miles that way. And a few farms in between.

BOUDREAU (voice-over): And at the only restaurant we found in the area, Julie Wendt says the bridge would not be a waste of money.

(on camera): Congress called two bridges, this bridge and the other bridge, bridges to nowhere.

JULIE WENDT, POINT MACKENZIE GENERAL STORE: Well it's not a bridge to nowhere. It's a bridge to somewhere. We're here.

BOUDREAU: Governor Palin's spokesperson tells CNN the governor could still kill the project if she thinks it doesn't make sense financially.

Abbie Boudreau, CNN, Anchorage, Alaska.

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COLLINS: It's what you're worrying about, it's what they're talking about. Candidates on the financial crisis.

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COLLINS: Be sure to stay with CNN tonight for complete coverage of the one and only vice presidential debate. That debate kicks off 9:00 p.m. Eastern. And you can join the best political team on television for a complete analysis before and after.

We want to show you some new presidential numbers now in a couple of key battleground states. Barack Obama has been gaining in Florida. Our new CNN/"TIME" Opinion Research Corporation poll shows Obama now leads John McCain by four points. That's inside the margin of error, but still a swing. And here's the story in Virginia. Obama now leads by nine points in a state that hasn't voted Democrat since 1964.

The financial crisis has dominated the political discussion this week. Both Barack Obama and John McCain were back in Washington yesterday to vote "Yes" on the bailout plan. But before voting, they spoke about the dire straits America is facing.

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SEN. JOHN MCCAIN (R), PRESIDENTIAL CANDIDATE: Crises often have a way of revealing our better selves, of showing what we're made of and how much we can achieve when we're put to the test. This is true as well of the grave challenges we face in Washington. Yet it should not require extreme emergencies when the future of our entire economy is on the line to bring out the best in us, or to bring us together in service to the common good.

We are supposed to do that even in the calmest of times. And if we work together more often in that spirit, perhaps there would be fewer crises, close calls and near disasters confronting our nation.

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COLLINS: This morning, Barack Obama talked to supporters in Grand Rapids, Michigan. Yesterday in Wisconsin Obama talked about the lessons we can learn from the current crisis.

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SEN. BARACK OBAMA (D), PRESIDENTIAL CANDIDATE: I won't pretend that this is going to be easy, or that it's going to come without a cost. We're all going to need to sacrifice. We're all going to need to pull our weight because now more than ever we're all in this together. What this crisis has taught us is that at the end, there's no real separation between Main Street and Wall Street. There's only the road that we're traveling on as Americans. And we will rise or fall on that journey as one nation, as one people. Now this country and the dream it represents are being tested in a way that we haven't seen in nearly a century.

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COLLINS: No help from America. Immigrant workers hit by the financial crisis unable to send money back home.

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COLLINS: No money to send home. The ripple effect from the worsening financial crisis impacting a major part of Mexico's economy. CNN's Harris Whitbeck reports.

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HARRIS WHITBECK, CNN CORRESPONDENT: It's a crucial component of the Mexican economy, money sent home by Mexicans who work, legally and not, in the United States.

Marilyn Pena depends on those remittances to get by. She lives on the outskirts of Mexico City. Her father migrated to Chicago 12 years ago looking for work. In good months he'd send her about $200 a week.

MARILYN PENA, MEXICAN CITIZEN (through translator): Last week he stopped sending money. He told me he has no more work because of the situation there.

WHITBECK: As it is for Marilyn, that source of income is drying up for millions of Mexican families. Remittances from the U.S. dropped by 12 percent in August compared to August of last year, according to Mexico's central bank.

(on camera): And it will probably get worse before it gets better. Some economists predict the actual drop in remittances will be at 20 percent by year's end. That's $5 billion many Mexican families will not be getting from relatives working in the United States.

(voice-over): The financial crisis and economic slowdown in the U.S. are having a direct effect on Mexican families.

PABLO RUIZ, ECONOMIST (through translator): Temporary workers -- always the first to lose their jobs in crises like this one. Since many Mexicans in the U.S. are there illegally they are most vulnerable to unemployment.

WHITBECK: After oil exports, remittances are Mexico's second largest source of foreign currency. Fewer jobs in the U.S. mean that source is already less bountiful.

Harris Whitbeck, CNN, Mexico City.

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COLLINS: I'm Heidi Collins. Join me again tomorrow morning starting at 9:00 a.m. Eastern.

For now, CNN NEWSROOM continues with Tony Harris.