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O.J.Simpson Guilty on All Counts; Will the Bailout Work?; Medical Helicopter Accidents

Aired October 04, 2008 - 16:00   ET

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

FREDRICKA WHITFIELD, CNN ANCHOR: O.J. Simpson, guilty. Different outcome, different case altogether from 13 years ago. Still, Fred Goldman reacts.
And going for broke, a $700 billion bet on Wall Street. Will it pay off?

Mission of mercy at the mercy of state. Why have so many medical helicopters crashed?

Hello, everyone. I'm Fredricka Whitfield and you are in the CNN NEWSROOM.

This time, a verdict puts O.J. Simpson bee hind bars. He faces a sentence that could keep him there for life. The former football star was found guilty of armed robbery and kidnapping, charges linked to a confrontation with two sports memorabilia dealers last year in Las Vegas. The verdict came 13 years to the day after Simpson was acquitted in the murders of his former wife, Nicole Brown Simpson, and her friend, Ron Goldman. CNN's Thelma Gutierrez joins us now live from Las Vegas with more on this case. Thelma.

THELMA GUTIERREZ, CNN CORRESPONDENT: Fredricka, I can tell you the jury deliberated very late into the night, but before midnight, they returned verdicts on what may be the final chapter of Simpson's legal saga.

(BEGIN VIDEOTAPE)

GUTIERREZ (voice-over): 11:00 p.m. Friday night, after 13 hours of deliberation and three weeks of testimony, the jury had reached a verdict.

UNIDENTIFIED FEMALE: Count one, conspiracy to commit a crime, guilty. Count two, conspiracy to commit kidnapping, guilty.

GUTIERREZ: A stunning blow for the former football star who appeared shaken as the verdicts were read.

UNIDENTIFIED FEMALE: Count three, guilty. Count four, burglary while in possession of a deadly weapon, guilty, and burglary while in possession of a deadly weapon.

GUTIERREZ: Guilty on all 12 counts, including kidnapping and armed robbery. Crimes that carry a possible life sentence for 61-year-old O.J. Simpson and his co-defendant Clarence Stewart. Defense attorneys say they were stunned.

UNIDENTIFIED MALE: When something like this happens, it really, you know, shakes you a little bit. And I think we're all shaken a little bit right now.

UNIDENTIFIED MALE: You know, defending someone like O.J. Simpson, everybody already had a fixed opinion about him, and it's troubling. It really is.

GUTIERREZ: The guilty verdicts came 13 years to the day when Simpson was acquitted for the murders of his ex-wife, Nicole Brown Simpson and her friend Ron Goldman. In a telephone interview today, Goldman's father told CNN Simpson got what he deserved.

VOICE OF FRED GOLDMAN, RON GOLDMAN'S FATHER: We're absolutely thrilled to see the potential that he could spend the rest of his life in jail where that scumbag belongs.

GUTIERREZ: Simpson was arrested last year when he and five men stormed a Palace Station hotel room to retrieve sorts memorabilia Simpson claimed had been stolen from him. The meeting was set up by a middleman, Thomas Riccio, two sports dealers, Al Beardsley and Bruce Fromong say they were held in the room and robbed at gunpoint. Four out of the five co-defendants testified against Simpson for lighter sentences.

Simpson's sister sobbed as her brother was handcuffed and taken out of the courtroom.

(END VIDEOTAPE)

GUTIERREZ: Simpson is being held without bail at the Clark County detention center. He will be sentenced on December 5th, and the least amount of time that he could actual be sentenced to is 23 years, Fredricka.

WHITFIELD: And, Thelma, just a question about the jurors. Have we a) heard from them and b) were they sequestered? Did they know that their verdict was also falling on that anniversary date?

GUTIERREZ: No, the jurors have not spoken out, Fredricka. Yesterday they all walked out together, out of this courthouse. They refused to speak to the press. It's hard to imagine that they wouldn't have known that that was the date, because so much had been made of it in the media. But when they walked out of the courthouse, they were quiet and they did not speak to the media.

WHITFIELD: All right. Thelma Gutierrez, thanks so much, coming from Las Vegas there.

GUTIERREZ: Well, now, what about the chances of appealing? I spoke earlier today with our legal expert, our regular legal experts on the weekend, Avery Friedman and Richard Herman. This is what they had to say.

(BEGIN VIDEO CLIP) AVERY FRIEDMAN, CIVIL RIGHTS ATTORNEY: One of the issues is the nature of the voir dire. Was it proper, were these impartial jurors? It's got to be an issue on appeal. But again, there's going to be a deference by the three judge Court of Appeals. The fact is that unless there's something very blatant about the selection process, it's likely to stand.

RICHARD HERMAN, N.YU. CRIMINAL DEFENSE ATTORNEY: Have you heard the tape where he's saying, don't nobody move. OK. That's bad, that's his voice, everybody could see that. And then when he stepped out into the hallway he looks to one of his guys and says, you didn't pull it out, did you? So that kind of gives him knowledge of the gun. Don't nobody move, is kidnapping. You know, it was bad and a key piece of evidence.

FRIEDMAN: Key piece of evidence.

HERMAN: He went down hard on this one.

(END VIDEO CLIP)

WHITFIELD: All right. Avery Friedman, Richard Herman there and sentencing for the O.J. Simpson case is now scheduled for December 5th and that will be imposed by the judge, by the way. So we've heard from the experts. Soon we'll be hearing from you, what you think about the verdict. I-reports are pouring in. We'll have some of the results of that in about 20 minutes from now. You'll want to stick around for that.

All right. Well, will it work? That's the question today all over the world. Now that President bush has signed the Wall Street bailout bill, the measure will allow the government to spend $700 billion buying up bad debts from mortgage holders. Other provisions, increase government oversight of Wall Street transactions and bar so-called golden parachute payouts to top executives of companies that get help. The measure also raises the limit on federally insured bank deposits from $100,000 to $250,000.

So in his weekly radio address today, President Bush stressed what the bailout plan will actually do for Main Street.

VOICE OF PRES. GEORGE W. BUSH, UNITED STATES OF AMERICA: The legislation Congress passed provides the necessary tools to address the underlying problem in our financial system. The root of this problem is that as assets that banks hold have lost value. Their ability to provide credit has been restricted, making it more difficult for businesses and consumers to obtain affordable loans. Without decisive action, this credit crunch threatens to harm our entire economy.

WHITFIELD: All right. Well, our CNN team will be following every step of the Wall Street rescue. Gerri Willis, by the way, and Catherine Callaway are both standing by right now with different perspectives on things. Gerri is there in New York, and break it down for us what we can expect from this. And Catherine Callaway is in Georgia, just about 20 minutes outside of Atlanta talking to people about their thoughts. So Gerri, let me begin with you and when does the money start flowing from this bill, or now law?

GERRI WILLIS, CNN PERSONAL FINANCE EDITOR: Well, exactly. I know a lot of people out there they hear that $700 billion number, it actually starts at a much lower number. $250 billion of your tax money will start going to banks to buy this toxic debt that's clogging their balance sheets. This will hopefully, if everything works the way the Treasury Secretary believes, will allow credit to free up for other things, like loans to consumers, loans to businesses. You know, the entire credit system is essentially been shut down. Banks wouldn't even lend to banks. So it's hoped that this action, this move will actual free up credit, free up money, and that will help make the system healthier. Fred.

WHITFIELD: Gerri, it's been so confusing for the average citizen, and that's why we're trying to take the pulse in Norcross, Georgia and that's where our Catherine Callaway is. Folks have a lot of questions, still, don't they, Catherine?

CATHERINE CALLAWAY, CNN CORRESPONDENT: Yes, they really do. And Fred, it's not just is it going to work, but how is it going to work? A lot of people still don't understand a lot of the ideas in this proposal, and this plan that's been approved. And we've been talking with people from all walks of life, from all incomes, and we have questions for Gerri from some of the people here. The first one is from a realtor who obviously is concerned about home loans. Her name is Myna.

(BEGIN VIDEO CLIP)

MYNA: I would like to know how specifically the bailout is going to be of benefit to the real estate market?

(END VIDEO CLIP)

CALLAWAY: And there you have it, Gerri. She really wants to know, when are we going to see some of this - the home loans that we're seeing going into foreclosure, when are we going to see some of these people able to refinance their homes? See that money trickle down into the banks so we can see more loans?

WILLIS: Well, great question. You know, will this help real estate? Which started the problem in the first place, right? Well, the money should follow banks being freed up with credit. After these bad, toxic debts are removed from bank balance sheets. Well, that's going to give banks an opportunity to lend again. There's even some elements in this bill that haven't been talked about that will make it easier for people in trouble, in real estate, people who are in over their heads with mortgage debt to actually get out of those mortgages. That will be a help too. But the help to real estate it doesn't come today, it doesn't come tomorrow. It doesn't come next week. It is going to be weeks and months before you really see a difference at the street level in real estate. I think it's going to take a long time for real estate to turn around. This bill will be a help, but is it an immediate cure? No.

CALLAWAY: Right. And that's of course what the realtors don't want to hear. They want to hear that it's going to be available on Monday. We have another question from a man named Paul Samuels. He too is concerned about that money reaching the bank, not just for real estate loans but for small businesses. Let's listen to him.

(BEGIN VIDEO CLIP)

PAUL SAMUELS: How long will it take for the money to actual reach the banks to where we can see a difference in their ability to lend?

(END VIDEO CLIP)

CALLAWAY: You know, Gerri, a lot of these small businesses, they depend on those quick loans to get them food, to buy their merchandise to sell, and they're on hold right now.

WILLIS: Absolutely. I can't imagine how painful that is. We're having a hard time making payroll. You hear these stories all the time. This should turn around more quickly. Because as banks get more confidence in the system and in themselves frankly, and as this money comes in from Washington, that is going to make banks, certainly more confident to lend to small businesses. And do just the bread and butter business that they typically do all the time. So I'm hopeful that for small business owners that's these changes will be felt pretty soon, pretty rapidly in days and weeks, rather than in months and years for the real estate system as we were talking about before.

CALLAWAY: And Gerri, I want to bring in now. This Peggy Doyne. She is one of the people who actually walked up to us, asking us questions about it, and she has a question about her 401(k). Peggy, what's your situation and what's your question?

PEGGY DOYNE, NORCROSS, GEORGIA RESIDENT: I am retired since 2004, and I want to know if my income is coming in for next month? Am I going to have enough money to pay my bills?

CALLAWAY: Yes, because you're living off your -

DOYNE: I live off my income on my 401(k).

CALLAWAY: All right. Gerri, you heard that.

WILLIS: Right, I sure did. And you know, this is a scary situation for retirees, because they are in retirement. They're relying on that pot of money that they already have to make every payment they need to make month to month. So my hope is, and my feeling is, for most of the people who are already in retirement and don't have income, I'm hoping that your asset allocation isn't 100 percent stocks, that you have a hefty allocation of bonds and other investments that are certainly safer and throwing off income on a regular basis to pay your bills.

You know, certainly I know this is a scary time for you, but I have to say, what you're going through in the financial markets on - and the stock markets is a conventional bear market, we're down about 22, 22 percent from the highs. That's bad, but you know it could be worse. The credit system issue is much more important and has to be solved for the economy to work. But in terms of the stock market, this is - we've seen this many times before. A Bear market like this, very conventional, happens time and time again. So at the end of the day, you know, you have to be comfortable with your asset allocation, and you have you to be comfortable with the amount of money you have on hand and if you're not, you're going to need to look for another income stream. And I hate to say that, but that's a reality for a lot of folks out there, who may be in too much in stocks in retirement.

CALLAWAY: Right. And they need that immediate money. So that's what Peggy said, she may have to indeed pick up another job to get some immediate income. Peggy, thank you for your question. And thank you, Gerri, for answering that. You know, I have to tell you, Fred, a lot of people have been coming up to us asking questions still. People wanting to know when things are going to improve and if there's confusion, yes, but there's also some optimism and that may be this plan, this proposal will give a positive attitude to the ailing financial industry and we certainly need that right now.

WHITFIELD: We sure do. All right. Lots of questions and lots of great advise as well. Gerri, Catherine, thanks so much. Of course we're going to continue to talk more about this bailout. Later on in the hour, we're going to hear from Capitol Hill.

All right. So what is next, at least from the next president, as it pertains to the economy? We're on the campaign trail.

(COMMERCIAL BREAK)

WHITFIELD: All right. Presidential candidates Barack Obama and John McCain, lobbied for the bailout bill and they gave their support. So here's how they're explaining their vote today.

(BEGIN VIDEO CLIP)

SEN. BARACK OBAMA (D), PRESIDENTIAL CANDIDATE: 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 was not a normal part of the business cycle. This has not happened 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.

SEN. JOHN MCCAIN (R), PRESIDENTIAL CANDIDATE: I commend the House of Representatives for coming together to pass the economic rescue bill today. I'm glad I suspended my campaign and went back to Washington to bring and help bring House Republicans to the table. I believe that the taxpayer protections that have been added have significantly improved the bill. This rescue bill isn't perfect and it's an outrage that it's even necessary. But we have to stop the damage to our economy done by corrupt and incompetent practices on Wall Street and in Washington.

(END VIDEO CLIP)

WHITFIELD: Well, are there ripple effects on the campaign trail as a result of what Congress did as it pertains to this bailout bill? Well, Ed Henry is in Carson, California, and that's the place where vice presidential candidate Sarah Palin is expected to make an appearance. What are they saying there, Ed?

ED HENRY, CNN WHITE HOUSE CORRESPONDENT: Well, Fred, it's interesting. We're already hearing from advisers to Sarah Palin that she's really going to, in their words, take the gloves off today, here in California. We sort of got a preview this morning in Colorado where she told supporters that basically, in her words, Barack Obama has been palling around with terrorists, trying to point to the 1960s radical Bill Ayers and try to basically go into the attack against Barack Obama. We're expecting a response from the Obama campaign later this afternoon.

I think the point there is that the McCain camp realizes that this financial crisis is really damaging the McCain-Palin campaign. We've seen it all across the country in battle ground states. We saw just this past week for example John McCain suggesting he'll be essentially pulling out of Michigan, no longer competing as aggressively as he has been. That's a state that's been pretty hard hit by the economy. Barack Obama has been gaining steam in states like Michigan, another battleground like Pennsylvania, because in large part because of this financial crisis.

You heard in his remarks there a moment ago, Obama trying to basically tie John McCain to the policies of President Bush, who is very unpopular, especially on the economy right now. What we're hearing from the Obama camp, is they think these attacks on personal issues will just be a distraction from issue number one, the economy, Fred.

WHITFIELD: And then there's Tuesday night. You know that, that I guess is something McCain and Obama want to focus on, they're kind of using the momentum from the vice presidential debate to think about what's going to happen in Nashville.

HENRY: Absolutely. John McCain, as we speak right now, is in Arizona at his ranch basically prepping for this big debate on Tuesday night. He realizes, as everyone's been saying he needs something to change the dynamics of this race, a debate really gives you that opportunity. In the first debate, in the first presidential debate, we really didn't see too much mixing it up. It was kind of almost like a draw. And so in the second one, we're expecting, at least according to his advisers and a lot of his supporters, John McCain may try to take the gloves off, if you will, to try to push Barack Obama a little harder on these issues like the economy, Fred.

WHITFIELD: All right. It will be the second of three scheduled debates as it pertains to the presidential candidates. All right. Thanks so much, Ed Henry there in Carson, California. And, of course, CNN will be covering what takes place Tuesday night. From Nashville, it's the battle ground, as the presidential candidates face off in that second debate. Don't miss a minute of the action on CNN, your home for politics.

All right. Strong feelings about the O.J. Simpson guilty verdict from our i-reporters. JACQUI JERAS, CNN METEOROLOGIST: And I'm CNN meteorologist Jacqui Jeras in the severe weather center. It was a stormy start for some of you in the plains this morning, and more active weather is expected. We've got the strongest storm in the west we've seen in quite some time. We'll tell you who's going to get what with it. Coming up next.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

VOICE OF SANDRA JETER, COURTROOM CLERK: We the jury in the above entitled case finds the defendant, Orenthal James Simpson's sentence as follows count one, conspiracy to commit a crime, guilty; count two, conspiracy to commit kidnapping, guilty; count three, conspiracy to commit robbery, guilty; count four, burglary while in possession of a deadly weapon, guilty.

(END VIDEO CLIP)

WHITFIELD: Shock initially, then just simply dejected there. O.J. Simpson's response to hearing guilty on 12 charges of armed robbery and kidnapping, his co-defendant also convicted. So these charges were connected to a confrontation with two sports memorabilia dealers last year at a Las Vegas hotel room. Simpson's attorneys do plan to appeal, and many of you have some very strong opinions about this guilty verdict. I-reporters are sending in their responses. The i- reports are flooding in. Josh Levs has been kind of sifting through all of them. And is it pretty even keeled or does it seem really?

JOSH LEVS, CNN CORRESPONDENT: Oh, no.

WHITFIELD: What are you hearing?

LEVS: It's karmic justice, he should be in jail. We're seeing a lot of that. We are seeing a little bit of dispute of whether he was actually guilty on this, but just barely, even that is way tilted toward him being guilty. But what we haven't found yet is someone saying he was innocent years and years ago, 13 years ago.

Let's go, first, we're going to show you a sound bite from an i- reporter who sent us this today who referred back to the past and then brought it up to now.

(BEGIN VIDEO CLIP)

RICK SENO, I-REPORTER: That his money could not save him now. O.J., you're going to spend the rest of your life in prison, and you're going to get the justice that you finally deserve.

(END VIDEO CLIP)

LEVS: As you can tell, it was passionate and it's actually symbolic of the kinds of things we've been getting, a lot of passion in these and a lot of similar responses. Let's go to some of the quotes we have here from our i-reporters who wrote to us. We're going to start off with this one. This comes to us from Jim Lavery, who says, "I know he was guilty the first time. He had 13 years of freedom."

Now to Brenda Clarke, who says, "many people would agree that O.J. Simpson, one time NFL star, had this punishment coming. Maybe the Goldman and Brown families feel better today.

Another one there, Ronald Cole, "this time, the glove seemed to fit." A lot of people doing that reference.

But I told you some people are saying he is innocent this time. And this is from Alecia Summers, who say she can't be totally definite about 13 years ago, but she does not think he was guilty of this. And she believes when she looks at this particular case, that something is wrong in what happened in the justice system this time around. But again, you know, those people being way outweighed maybe 9-1 in terms of people saying that he was guilty in this particular case now.

WHITFIELD: So there was certainly a definite response, a lot of folks have some very big feelings about this case. No one was really reticent about revealing what they said.

LEVS: Well, I mean, if you take a look at this, it's kind of amazing how raw some people's emotions still are about what went on so long ago. A lot of these people admitting they didn't follow this particular case that closely but they still have feelings dating back to the last decade about what happened then, and to them this is some sort of you know come around again thing. Yes.

WHITFIELD: Right. And it's not really done yet, I mean sentencing still scheduled for December 5th. We'll see what happens there and what kind of response that elicits as well.

LEVS: And then his legal steps forward.

WHITFIELD: Right. He could appeal. All right.

Josh Levs, thanks so much.

LEVS: You got it.

WHITFIELD: Thanks for joining the digging and sifting.

LEVS: Oh, yes.

WHITFIELD: Appreciate it.

LEVS: A lot of sifting. Thanks.

WHITFIELD: All right. Let's talk weather, shall we? Jacqui Jeras is in the weather center and it's been pretty good mixed bag out there, rain in some parts and very sunny in others.

JERAS: Yes, absolutely. You know, this rain is coming down in areas that really, really need it. We've got incredible pictures though we want to show you, Fredricka, from Tulsa, Oklahoma, and this was from real early this morning. They had a big lightning show before you ever got out of bed. Have possibly woke you up a little bit early. There you can see some of the pictures. Look at that! Just very, very bright lightning, not a lot of severe weather that went along with this. On one front, it moves to your area, so the temperatures warmed up very nicely this afternoon, beautiful day, beautiful day tomorrow but guess what, backside is headed your way. And you'll be seeing that cold front pushing on through.

Take a look at that cold front in the storm right now. It's bringing a lot of wet weather all across the intermountain west, rain from Albuquerque on up toward Salt Lake City, Seattle, Portland all getting wet. This is the coldest storm that we've seen so far this season. Cold enough that we're getting real significant snow, not just a couple of inches, we're talking a couple of feet potentially of snow into the higher elevations. We've got winter storm warnings in effect for the Wasatch range. We're looking above 8500 feet, between 12 and 24 inches between now and tomorrow night into the Colorado Rockies. Most of this kicks up tomorrow, looking for six to 12 inches expected there.

Ahead of the system we could see some severe weather tomorrow, this time in western Oklahoma, not eastern. But that will all be sliding east and what a cool down with this, Fredricka. We're talking a good 10 degrees below average for folks behind this front and the front will make its way all the way across the nation by your Wednesday, even us here in Atlanta will feel that cooler weather.

WHITFIELD: Oh, I can't wait. I'm looking forward to it. I love the fall.

JERAS: I know you are. You Midwesterner girl.

WHITFIELD: All right, Jacqui. Thanks so much. Appreciate it.

All right. Well, these are certainly some troubling financial times contributing to a lot of stress as well. And hitting women particularly hard, they say, here now is CNN's medical correspondent Judy Fortin.

(BEGIN VIDEOTAPE)

JUDY FORTIN, CNN MEDICAL CORRESPONDENT (voice-over): These are tough times. Economic uncertainty. Rising prices on goods and services. This may cause the rise of something else, your level of anxiety. And if you're a woman, you're twice as likely to suffer from anxiety than your male counterparts. But why?

DR. PATRICE HARRIS, PSYCHIATRIST: Early research suggests that men and women are wired differently. The jury is still out definitively, but some of the reproductive hormones such as progesterone and estrogen have been implicated in anxiety.

FORTIN: And those symptoms in small doses are fairly common place.

HARRIS: Anxiety and worry are normal reactions to stress. But when these symptoms of anxiety and worrying become excessive or they're associated symptoms such as decreased concentration, inability to eat, and they interfere with the person's ability to function, that's when it becomes possibly a medical disorder.

FORTIN: The National Institute of Mental Health estimates that more than 40 million Americans suffer from some type of anxiety disorder each year. But just why anxiety can become a medical issue for some and not others can be complicated.

HARRIS: All disorders sort of are a combination of several factors, and we believe that as far as anxiety is concerned, it's a combination of brain chemistry, genetics, the environment, life, stressors, what's going on in one's life, and someone's basic personality.

FORTIN: If you're concerned your anxiety level is impacting your life, experts say have a heart to heart with your health care provider. Judy Fortin, CNN, Atlanta.

(END OF VIDEOTAPE)

FREDRICKA WHITFIELD, CNN ANCHOR: All right. Affecting not just your health but your wallet as well. We're looking ahead to what's in store for the economy.

(COMMERCIAL BREAK)

WHITFIELD: All right. Now back to that massive bailout plan. Many in congress who voted for the bill, especially those up for re- election are now trying to win over voters. Here now is CNN's Brianna Keilar.

(BEGIN VIDEOTAPE)

UNIDENTIFIED FEMALE: The bill is passed. Without objection, the motion to reconsider is laid on the table.

BRIANNA KEILAR, CNN CORRESPONDENT (voice-over): A $700 billion bailout plan signed into law. Now what? First up, the hard sell, lawmakers on both sides of the aisle trying to win over constituents who think they are being played for fools in a rescue of Wall Street.

REP. ROY BLUNT, (R) MINORITY WHIP: I'm looking forward to the next couple of weeks where we all get a chance to talk to the people we work for and the people of the country about what the final product really did, how it really protected taxpayers.

KEILAR: Lawmakers want to convince voters that taking toxic mortgage backed securities off the hands of financial institutions will undo the credit crunch and stop home loans, car loans, student loans from drying up. It's an election year. In the senate one in three seats face re-election. In the house, every seat is on the ballot next month. Some admit, their support for the bailout could be the political kiss of death.

REP. HOWARD COBLE, (R) NORTH CAROLINA: This vote for me, I'm voting ay today, and it may be politically damaging and the sky may fall tomorrow but it will fall upon my head. It won't fall upon any else's and no one else will be adversely affected.

KEILAR: President Bush pointed out Friday what many analysts are saying about the plan.

BUSH: Americans should also expect it will take some time for this legislation to have its full impact on our economy.

KEILAR: So members of congress will be watching and waiting to see if the bailout eventually buoys the American economy but sinks them in the process.

(END OF VIDEOTAPE)

WHITFIELD: All right. So whether you like it or not, the bailout is now law, so what can we expect and when? Knight Kiplinger is editor in chief of "The Kiplinger Letter" which forecasts business trends and he is joining us from Washington. Good to see you.

KNIGHT KIPLINGER, EDITOR, "THE KIPLINGER LETTER": Nice to be with you, Fredricka.

WHITFIELD: So when might you or I or anybody might actually feel the effects directly from this new law?

KIPLINGER: The first benefit is psychological. It will give a lift to credit markets, it will begin to lubricate the seized up gears of the credit market, give banks the confidence to continue lending to credit-worthy borrowers, borrowers that were credit-worthy before this crisis and still are. It will take a while for that money to trickle down to Main Street, but the psychological lift cannot be overestimated right now.

WHITFIELD: So those credit-worthy borrowers would be able to presumably get that house loan or that car loan, you're saying in a matter of weeks or months before all of this kind of gets oiled or lubricated, as you say?

KIPLINGER: I think we'll begin to see the first effect in a matter of weeks. But remember, when the crisis is passed, we're not going to go back to the cheap money, easy credit days of the bubble period. We're going to go back to an earlier time when borrowers had to put more cash into a deal, lenders were not willing to put up as much of a deal for a merger in acquisition deal or a real estate development project or indeed the purchase of a home. Cash will be king. People will be expected to put up more equity and less debt to make deals happen. That's the way things used to be. That's a healthier situation than the bubble economy we're coming out of now.

WHITFIELD: So for example on home loans, it used to be pretty traditional that you put down 10 percent or more, but a lot of times people were getting away with less than 10 percent. You're saying those days are over. It's back to your traditional type of 10 percent or more, or you're saying all of that is going to be rewritten as well.

KIPLINGER: I think we're going to go back to that, 10 or 15 percent. You'll have to document your income, no more "liar's loans." In big merger and acquisition deals, borrowers are going to have to -- buyers are going to have to put down 50 percent in cash, no more 80 percent financing with junk bonds to do big M & A deals. Real estate development projects, the developer will have to show that he has tenants lined up, less speculative building than we've seen in the last couple of years, and this is very beneficial for the economy in the long-term.

WHITFIELD: All right, so you say cash is king, and at the same time you're warning that there might be bottom feeders. But isn't that what we might have wanted to call a lot of the lenders who were guilty of all of these subprime loans? Weren't they the bottom feeders?

KIPLINGER: No, they were not the bottom feeders. Actually bottom feeders or so-called vulture funds, come in with a lot of cash, and they buy downtrodden assets that are very hard to otherwise sell. They buy downtrodden stocks that are worth more, they buy buildings that will eventually be worth more. Bottom feeders, the vulture funds, are an important part of the process in a recovery like this. They have a lot of cash. Warren Buffett basically is being a bottom feeder by putting $3 billion into General Electric. He's going to get a 10 percent dividend on his preferred stock, he'll be able to buy GE's stock at any time over the next five years at today's price of $23 a share. If you have $3 billion of cash, you can drive a deal like that. We can drive a deal like that by looking at stocks and properties that are unfairly beaten down, tarred with the same brush as the bad assets.

WHITFIELD: All right. Knight Kiplinger, thanks so much. We learned a lot today in just that quick little three minutes.

KIPLINGER: Thank you, Fredricka.

WHITFIELD: We appreciate it. Have a great weekend.

They're supposed to save lives, not end them. The alarming increase in emergency medical helicopter crashes. CNN investigates.

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WHITFIELD: Ok, for a hot second I know it sounded familiar to you, and you know the man, that's the boss, Bruce Springsteen. He's in Philadelphia there. Gosh, I wish we could bring you some sound, because you know it sounds good. He's holding a rally in support of Barack Obama. Oh, do we have it now? Sorry. That was a nasty tease, wasn't it? We're going to try to bring you some of that tape. He's trying to raise some support for Barack Obama. That was such a cruel joke. But that was the boss, believe me, Bruce Springsteen there in Philadelphia. We'll try to bring you some tape a little bit later. Don was ready too.

DON LEMON, CNN ANCHOR: I know, just like right there next -- neighboring hometown of New Jersey and Philly.

WHITFIELD: I think we heard two bars of music. But if you were listening at the top, you heard it. You know what the rest sounds like. Don is here with more of the NEWSROOM a little bit later.

LEMON: Yeah, we were following politics and you've been following it all day. You know we've been talking a lot about Sarah Palin and the vice presidential debate, but you know she's out on the campaign trail today and she has some really strong words. She calls it quote, "Accuses Barack Obama of palling around with terrorists," you know she's talking about Bill Ayers of Chicago. And the campaign adviser says the gloves are off, I think they've been off for a long time. We'll hear more live from Palin coming up. She's at an event in Carson, California, Fred, and of course we are there. Also, you know that multi-billion-dollar bailout we've been telling you about? This helps push our number debt clock past the number that this famous clock in New York City can even display. Check this out.

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JESSICA COWIN, NEW YORK RESIDENT: I try not to look at it. Sometimes I try to come through the other side. But it's kind of one of those -- like car crash things, where you can't look away, it's just so awful you have to look.

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LEMON: We're calling it Fred a sign of the times. It certainly is. It is a sobering predicament and we have the unusual fix. I'm going to talk to the guys -- his dad who started that clock back in 1989. Also, who better to watch the debate with than hockey moms? I sat around with a whole bunch of hockey moms. We had a no holds barred debate party. And you won't believe, they call themselves self- professed pit bulls with lipstick. That's coming up at the top of the hour. You don't want to miss our conversation, very contentious, very interesting.

WHITFIELD: I know they were all on the edge of their seat. There were lots of Palin/Biden debate watch parties everywhere across the country.

LEMON: Across the country. But with hockey moms, it was very interesting. They really are pit bulls with lipstick. They said it, I didn't. They even put it on. That's what they said.

WHITFIELD: Women are loving to embrace that label.

LEMON: It was interesting watching with them, though. You won't believe this story, what they say, and not all of them are on Palin's side.. So it got a little contentious there during the party.

WHITFIELD: All right, good. We look forward to all of that. It shouldn't be presumed I guess that just because they're all women that everybody thinks alike. Right?

LEMON: You got it.

WHITFIELD: All right, thanks so much.

LEMON: Thank you.

WHITFIELD: All right. Air ambulances. Well, they are supposed to save lives, everyone agrees on. But in too many cases, they're actually ending them. This helicopter crashed in suburban Washington last week and killed four people, it was the eighth emergency medical flight crash in a year. So why so many crashes? Night vision may be partly to blame. CNN's Miles O'Brien has been investigating and shows us what he's learned.

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MILES O'BRIEN, CNN SPACE CORRESPONDENT (voice-over): It may look like fun, but this is deadly, serious business. Some of the most dangerous flying there is.

UNIDENTIFIED MALE: All right, guys, we're at two minutes.

O'BRIEN: Tim Woodruff is piloting an EMS helicopter on an emergency call north of Boise, Idaho.

VOICE OF TIM WOODRUFF, EMS HELICOPTER PILOT: You'll see as we go north you're in a different world within a very short period of time.

O'BRIEN: It's a world of rugged, sparsely populated mountains. No problem on this sunny afternoon. A patient with a dangerous blood clot delivered to the hospital without a hitch.

Do you hesitate in any way to do that mission at night?

WOODRUFF: Oh not at all. I have the night vision goggles, it's really not a challenging mission at all.

O'BRIEN: Those goggles are literally a night and day safety game changer for EMS chopper crews. But fewer than one in three have them and they say you can blame a lot of that on a broken government and the wars in Iraq and Afghanistan.

UNIDENTIFIED MALE: I'm proud that my name is Dave Bacon, because that's my son's name.

O'BRIEN: Dave Bacon lost the son he called J.R. in July of 2004. J.R., two crew mates and a patient died in Newbury, South Carolina, when their chopper hit a tree as it lifted off from an accident scene before dawn.

DAVE BACON, FATHER OF CHOPPER CRASH VICTIM: He got to live his dream. He was the happiest person in the world.

O'BRIEN: Can you describe the void?

BACON: No. No, not really.

O'BRIEN: His pain is compounded by the fact aviation experts believe his son's accident was entirely preventable. The National Transportation Safety Board studied this crash and 54 others between 2002 and 2005 and came to a chilling conclusion.

ROBERT SUMWALT, NATL. TRANSPORTATION SAFETY BOARD: What we found was that 29 of those accidents, 29 of the 55 could have been prevented. O'BRIEN: The safety board recommended the FAA tighten rules on crew hours, give crews better weather information, and require technology that tells a pilot how close the aircraft is to the ground. That was in January of 2006.

JIM BALLOUGH, FEDERAL AVIATION ADMINISTRATOR: We understand that the NTSB safety recommendations, and we agree with all of them.

O'BRIEN: But NTSB recommendations are just that. The FAA makes the rules. But nearly three years later, the rules haven't changed.

BALLOUGH: And the rule-making process can't be done overnight. It takes time to develop the rules.

O'BRIEN: During that time, 52 people lost their lives in EMS flying accidents. At the NTSB, mounting frustration.

SUMWALT: This is unacceptable. The rule-making process does take time but we need to move forward.

O'BRIEN: And in fact many EMS chopper pilots are demanding the government mandate night vision equipment. I'm flying over those same Idaho mountains on a moonless night with former EMS pilot Justin Watlington who now works for a company that sells night vision technology. It is pitch-black. I can't see a thing out the windows. Until Justin turns on my night vision.

Oh, my gosh. Oh, my gosh. That is unbelievable. We easily flew to the spot where I flew earlier with Tim Woodruff. It's easy to identify, which is amazing. By then, I was ready to try. I was able to fly at tree top level in complete darkness with confidence. There is no doubt those night vision goggles make EMS flying much, much safer.

VOICE OF JUSTIN WATLINGTON, PILOT, AVIATION SPECIALITIES UNLIMITED: That's the problem, Miles, you know unfortunately some of the folks that are making the decisions on the use of these.

O'BRIEN: They haven't seen it.

WATLINGTON: They haven't seen it.

O'BRIEN: But there is one more wrinkle. The wars in Iraq and Afghanistan have created an acute shortage of night vision goggles.

Why don't they just make more?

MIKE ATWOOD, AVIATION SPECALTIES UNLIMITED: The plant is maxed out, they are now operating 24 hours a day, seven days a week. It would be very difficult to make any more than what they're making right now.

O'BRIEN: A night vision system runs about $60,000, a small price to pay say those who risk it all to save others.

WOODRUFF: You know, if I owned an aviation company, I would like to think I would buy goggles immediately as part of our equipment before we ever got going.

O'BRIEN: In the year Dave Bacon laid his son to rest, 16 other families of EMS flight crew members did the same. While no one disagrees on how to make these risky missions safer, the death toll just keeps mounting. I asked Dave Bacon if it makes him angry.

BACON: No, I can't get angry. Anger is just going to eat you up. We'll all continue on. We'll all have a life to live. It just happens to have a big hole in it.

O'BRIEN: Miles O'Brien, CNN, Greenville, South Carolina.

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WHITFIELD: That's so sad. All right. Well, it's not a cash crop, so why did neighbors pitch in to save this farmer's harvest?

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WHITFIELD: All right. Well, he gave his time to help feed the hungry. When his own health suffered, neighbors then pitched in. Dave Delozier, of affiliate KUSA has this story.

(BEGIN VIDEOTAPE) UNIDENTIFIED MALE: It's really a beautiful place to work.

DAVE DELOZIER, KUSA REPORTER (voice-over): Out here.

UNIDENTIFIED MALE: I just love taking care of the crops.

DELOZIER: When you give something a chance.

UNIDENTIFIED MALE: All you're doing is giving it a chance to grow.

DELOSIER: You just never know what you might get. On 15 acres.

UNIDENTIFIED MALE: Go on down there and we'll dump those in.

DELOZIER: Tony Madone has been growing vegetables.

TONY MADONE, FARMER: This is the 13th season. My wife and I started this 12 years ago.

DELOZIER: And in that time, everything he's grown on this land he's given away.

MADONE: Every harvest has its own satisfaction.

DELOZIER: Given to food banks and the changing faces they serve.

MADONE: We're being told those people are now going to food banks and food pantries, and when they receive the fresh produce, some of them are in tears. Because they've never done it before in their life.

DELOZIER (on camera): A chance. Through this food Tony has given countless people across this state a chance for 13 years. But this spring, Tony got some news, and he realized this time around he was going to need a chance.

MADONE: I was diagnosed in early January with prostate cancer.

DELOZIER: It meant surgery in spring. It meant there would be no crops.

MADONE: You only get one chance a year. You get one chance to plant the seed in the spring of the year. You get one chance to harvest the fruit in the fall of the year.

UNIDENTIFIED FEMALE: I'm carrying one just in case.

DELOZIER: A chance though for 250 neighbors to help.

UNIDENTIFIED FEMALE: They just show up.

DELOZIER: A chance to grow crops and so much more.

UNIDENTIFIED FEMALE: All of our volunteers answered the call. They all knew and they all wanted to see the success this year as well.

DELOZIER: They've harvested enough corn, cabbage, broccoli and squash to supply more than 35 food banks. And the chance for Tony to see something more than crops come out of these fields.

MADONE: Watch what happened with the community. I mean, farm to table is stronger now than it was a year ago simply because of the hardship of the cancer.

DELOZIER: He's learned that out here life is measured in the chances you give.

MADONE: Oh, thank you for all your help!

DELOZIER: And in the chances you get.

MADONE: To me, the harvest that we receive this year is special. .

DELOZIER: This is Dave Delozier, nine news.

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WHITIFIELD: Wow, that's something else. Now here's your chance to help. Go to cnn.com/impact and you'll find links to food banks who are already helping. I'm Fredricka Whitfield. Don Lemon is up next with more of the NEWSROOM.

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