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Government Considers Investing in Banks; McCain Rallies Supporters in Wisconsin; CNN Looks to Honor Heroic Citizens Worldwide
Aired October 09, 2008 - 13:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
(BEGIN VIDEOTAPE)
KYRA PHILLIPS, CNN ANCHOR (voice-over): October 9, 2007: a red letter day for blue chips. The Dow hit its all-time highs. That was one year, one global meltdown, one mammoth bailout, and almost 5,000 points ago.
UNIDENTIFIED MALE: My whole equity line has been cut off. And right now, I'm struggling to feed my mother.
PHILLIPS: Word on the street: help. A ground-level view of the economic mess from the men and women who are really in the driver's seat.
You need a hero? Who doesn't? We've got ten of them, plus a couple of guys who know a good deed when they see one. Franklin Graham and Deepak Chopra this hour.
(END VIDEOTAPE)
PHILLIPS: Hello, everyone. I'm Kyra Phillips, live at CNN World Headquarters in Atlanta, and you're live in the CNN NEWSROOM.
Bailing out, buying in or something in between. Almost a week after that $700 billion financial rescue package cleared Congress, nobody's rescued yet, and the process is very much in flux.
We now know the feds are looking hard at the kind of deal that's in the works in Britain, the government taking ownership stakes in the financial firms that it props up.
Well, the alternative is simply buying up the mortgage-backed assets that are weighing banks down. And for the record, the treasury secretary says all options are open right now.
Now, here's a sign of the times: a running count of the national debt running out of space. They had to take the dollar sign off this New York billboard to make room for the 14th digit.
The country owes well more than $10 trillion, but Wall Street can't buy a rally. Stocks opened higher after yesterday's rate cut from the fed and a strong report from IBM, but not even that kept the bears at bay very long.
We turn this hour to CNN's Ali Velshi and the fine print of the bailout. So what do we know about how it's actually going to work, Ali?
ALI VELSHI, CNN SR. BUSINESS CORRESPONDENT: Well, listen, the bailout actually gives the treasury secretary a lot of leeway, and one of those things you just mentioned is that it does give them leeway to invest in the very companies that they might be bailing out.
And at this point, there was supposed to be a loosening of the credit system just on the understanding that there was a bailout. And that didn't happen. And it looks like it's going to take some time, maybe weeks before the first purchase is made using that $700 billion.
But what has been floated is the idea that the treasury can invest directly in banks, and in fact, the White House confirmed that they are thinking about that as one option. We heard from -- from White House press secretary Dana Perino, and she said that what it would be is capital injections into the banks, investing in the banks but not taking them over. This is U.S. banks. So the government would invest in banks, possibly, and take a stake in their ownership.
Now, the deal, Kyra, says that, if the government gets involved in bailing out companies, they have say about the executive compensation. So those are conversations that might be taking place, because the government wants to invest in banks to help them out. The deal is their bosses may not be able to make the money that they've been making.
PHILLIPS: And so many people are confused by all these various numbers. We found this really interesting graphic in the "Wall Street Journal." Take a look at this.
The first part of it, it really puts it in perspective. We actually see how the markets have just tanked in the past year.
VELSHI: Right.
PHILLIPS: But then take a look at this. What really grabbed our attention, when you put all the numbers in perspective, Ali, look at the market value decline.
VELSHI: Yes.
PHILLIPS: Our national debt and then the richest people in the world. And look at the tiniest dot there. Bill Gates' worth.
VELSHI: Wow.
PHILLIPS: It's the itty-bitty little black dot. What do you make of that?
VELSHI: Bill Gates and Warren Buffett couldn't even get out of this. I mean, the U.S. GDP. We're talking about half of the U.S. -- the entire, everything that we create in the United States. And this is massive money. A trillion is a million-million. I mean, that's just a lot, a lot of money. And by the way, that chart you showed you know, it's a year to the day since the Dow hit its all-time high. What was it, 14,000 and change a year ago? It was the interday high; it was the closing high.
Look where we are now. We've lost about 30, what, about -- almost a third of the value. Thirty-three, 34 percent of value. And by the way, if you were well-diversified -- this is the Wilshire 5,000, which is 5,000 stocks. The Dow is 30 stocks. If you look at the S&P 500, they've all got a similar pattern, which means even if you're well-diversified and you did what the experts told you to do, you have seen a massive chunk come out of your 401(k).
Only good news is that there are people who are looking at this thing, we are close a bottom on this market. Bottom doesn't mean it shoots straight up, Kyra. It just means it's the bottom, and people start moving and saying, "All right. You know what? Stocks are looking like a deal."
PHILLIPS: All right. Bottom line, don't panic.
VELSHI: Don't panic. Panic doesn't help you in this.
PHILLIPS: Absolutely. Ali Velshi, thanks.
VELSHI: OK.
PHILLIPS: Want to take you live now to Waukesha, Wisconsin, John McCain and Sarah Palin holding a town-hall meeting. Let's listen in.
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SEN. JOHN MCCAIN (R-AZ), PRESIDENTIAL NOMINEE: ... used to reform Freddie Mac and enact legislation to stop this crisis, but he's opposed to us helping the homeowners of America. Do you want to help the homeowners of America, or do you want to help Wall Street? That's the question here. And I want to help the homeowners of Wisconsin and all over this country.
The dream of owning a home in America should not be crushed under the weight of a bad mortgage. The government must act, and I will act quickly and decisively.
And, my friends, in 21 months of campaigning, I've kept my promise to level with you about my plans to reform Washington and get this country moving again. And I've seen the corrupt ways in Washington, and I've taken them on time after time. Senator Obama has never taken on the leadership of his own party on any issue, and that's a fact.
We've got to give middle-income and working families, middle- income and working families so they can create jobs. We'll get the rising cost of food and gas under control. We'll keep families in their homes. We'll help students struggling to pay for college. And we'll make health care more accessible and affordable. And we'll impose a spending spree to stop the spending -- spending freeze to stop the spending spree in Washington. And so what was my opponent's record in the years before the great economic crisis of our lifetime? The crisis started in our housing market as I mentioned. Barack Obama's most notable involvement with the housing issue was to be taking money from the executives of Fannie Mae and Freddie Mac. He took the greatest amount of money of any Senator in history, with the exception of the chairman of that committee. And he did not lift a finger to try to reform Freddie Mac -- Freddie Mac and Fannie Mae and reform what was clearly an impending crisis, which I and others two years ago said we had to stop.
On health care, Senator Obama said that his goal is a single- payer system where government is in charge of health care. If you like that, go to Canada, and go to England and see what kind of a health-care system they have.
And, again, I want to point out: under his plan he will fine employers who don't offer health insurance to put their employees in government health care. He'll fine them. You know what that does? That costs jobs. That costs jobs for small business people in America. We've -- we've lost 700,000 jobs so far this year, and only small businesses created 300,000. So what does he want to do? Tax them.
My friends, he claims he'll give 95 percent of Americans tax relief, and what he hasn't told you is what I want to impress on you again. There are small businessmen and women in this room who have created jobs and continue to do, God bless you. I will not raise your taxes. Thank you.
As I mentioned to you, he wants to increase spending by $860 billion, and he says that he would have a net reduction in federal spending. Only Senator Obama could sell that. I -- I mean, it's remarkable. It's remarkable.
When I'm president, the spending reductions will be real, and I'll cut the size of government. I'll put the government back on your side.
Now -- now let -- let me mention to you one more time earmarks and pork barrel spending very quickly, because -- because it is so important, because it has not only gotten out of control, but it's ended up with members of Congress residing in federal prison because it's corrupting. And it's your money, and they think it's theirs. They think it's their money, not yours.
And we've had a Bridge to Nowhere, $233 million bridge in Alaska, which I'm happy to say this governor stood up against.
And -- Senator Obama has proposed nearly a billion dollars in earmark spending and projects. Nearly a million dollars for every day that he's been in office.
And let me just give you an example. Three million dollars he sought for a new projector for a planetarium in his hometown. Now my friends, with people out of a job, people in danger of losing their homes, we need to spend $3 million for an overhead projector in a planetarium, of your money?
And you know what? I guess it was sheer coincidence that the chairman of that planetarium pledged to raise more than $200,000 for Senator Obama's campaign. This is an appearance. This is an appearance problem, and I'm not going to put -- I'm not going to stand for it. I'll put a stop to it.
So -- so let me just say, in conclusion, the great honor of my life is to serve this country. I have always put my country first. I am proud -- I am proud of that service.
UNIDENTIFIED MALE: USA! USA! USA!
UNIDENTIFIED MALE: USA! USA! USA!
UNIDENTIFIED MALE: USA! USA! USA!
MCCAIN: So let me tell you, I believe I can inspire a generation of Americans to serve a cause greater than their self-interest. We will have disagreements from time to time. I will reach across the aisle, as I have a record of, and work with Democrats and work with anyone, because times are tough now, my friends, and it means we must come together as Americans. America's greatest days are ahead of us, not behind us.
I believe in this country. I believe we can restore our economy. We are the greatest force for good in the world.
I'm grateful you're here. We need your vote in Wisconsin, and now Sarah and I are ready to take your questions or comments. Thank you, and God bless you, and thank you for being here. Thank you.
And now, now if you'll just raise your hand, we'll have somebody with a microphone and -- yes, ma'am. Go ahead. Right there. Yes?
UNIDENTIFIED FEMALE: Hello.
UNIDENTIFIED FEMALE: Hi. Hi. My family has a small business. We have small group homes for elderly and developmentally disabled adults. The Lord says to take care of the sick and the widowed, and that's what we try to do.
A problem that we have is that we tried to give health care to our employees. In fact, we do. We pay for 50 percent and 75 percent after so many years. But it costs my family of four $1,600 a month for health insurance, because we're in small business.
What we would like to do is to pool together with other small business to get the discounted rates that the large company has, like Johnson & Johnson and the Wisconsin Electric. Is it possible, are we going to see that in the future? Because we need it, especially here.
MCCAIN: Yes. Keep the microphone a second. Tell me, how much has your -- your, your insurance rates gone up and co-pays gone up over the last several years?
UNIDENTIFIED FEMALE: It's more than doubled.
MCCAIN: It's more than doubled. So in reality, if you had the same financial requirements, the payments that you needed to make, say, five or six years ago, you wouldn't be nearly facing the crisis that you're in today?
UNIDENTIFIED FEMALE: Right. And our deductibles have gone up so much.
MCCAIN: So that is, really, so much of this problem, my friends, and that is that the skyrocketing inflation across -- associated with health care is making it less and less affordable to small businesses all over America.
I think you should be able to pool. I also think that you should be able to go anywhere in America, as large corporations are able to, and get the health insurance policy of your choice. If they've got a better policy in Arizona, then you should be able to go there.
Now -- now, Senator Obama has called that deregulatory and wrong. There's 50 insurance commissioners in every state in America. Why should you be restricted to getting your health insurance here and not being able to pool with small business all over America, as large corporations have?
Now, I also want to mention to you, and I'll let Sarah talk, because this is -- this is one of the fundamental challenges that America faces. We need to have community health centers. We need to have walk-in clinics. We need to have competition amongst insurance companies. We need to stress wellness and fit inside.
One of the worst things about American health care today is the rise -- an alarming statistic is the rise of obesity amongst young Americans. We should have Joe Thomas and Brady Quinn and Shaquille O'Neal and all these people going around teaching wellness and fitness and inspiring these young people to get in the shape and get on a good diet.
And every parent in this room should know what -- every parent in this room should know what the school lunch program is. And every parent in this room should know what the fiscal education training program and availability in schools across America are.
But I also want to give you $5,000 refundable tax credit so that you can go any place in America and get the health-insurance policy of your choice.
And I know the costs are high, but we've got to get those costs down. We've got to get those costs down. And there's so many cost- saving measures we could make. Small example -- and I'm sorry for the long answer, but this is one of the great -- is this the greatest challenge, practically speaking?
UNIDENTIFIED FEMALE: It is. It really is.
MCCAIN: So let me just -- just say to you that we need to be able to get these costs under control. One of them is to put people's health records online. They should be online. Do you know that there's a thing called medical errors? Medical errors are not only expensive; sometimes they cost a lot more than just money, because of errors that are made when they carry your health records and x-rays from one place to another. They should be online. Every one that you need to consult with, to better your health care in America, they should be able to share any place in America, or the world.
So I'd like to have Sarah talk to you more, and I know she will, but the major point is, give you the money and then assess what you need to go out and get the health insurance of your choice. Get these costs down. Competition and address the health care issue so that every American family has affordable and available health care. That's our goal. Not -- not a government-imposed solution such as Senator Obama wants to do to America and fine people, and actually fine people.
And, again, ask Senator Obama what is the size of the fine you will impose on small business people, on you, if you don't have the health-insurance policy that he mandates? I think every American deserves an answer to that question, particularly people like you in small business.
I'm sorry for the long answer. I will make my next answers much briefer.
GOV. SARAH PALIN (R-AK), VICE-PRESIDENTIAL NOMINEE: Well, you did pretty much cover everything I was going to say. So that was good. Good.
No, but you know one thing that I could add, though, is I do understand, because Todd and I have been in the same situation. Owning a snow machine -- you guys call them snowmobiles -- a snow- machine shop for years, and we do, struggling with whether we could provide our employees health care or not.
And as Senator McCain just suggested to you, you will not like Barack Obama's plan, then. A government mandate, another unfunded mandate that would be on top of everything else that the federal government is telling you in how to run your business, where you would be fined if you could not afford to provide your employees health care.
So the very precise steps that Senator McCain has lined out earlier in debates and in discussions, those will be plugged in to make sure that you can afford, though, to be able to provide your employees.
But another thing I want to gave a kudos, just thumbs up to this community for already understanding, though, with the preventative measures that we all need to undertake so that we can be a healthier community, healthier state, a healthier nation. This area is voted one of the top 100 places to live in the entire United States. And obviously, with such an active community -- and you know, you guys are so blessed. God has so blessed you, with the great outdoors, that is all around you. I got to go for a run early this morning along your waterfront. And I thought, ah, every one of you needs to be out there walking or running out there. It is so beautiful! And, then, too, you've already understood, too, with your eat local campaign, too. What a great idea. I hope that includes wild game, too, for those of us who are hunters.
But you're on the right track there with the preventative measures that we all should be taking so that we can collectively join together and be healthier states, healthier nation.
Go ahead, John.
MCCAIN: And I also just mention one other point here. The greatest expert on health care in America today is the former governor of the state of Wisconsin, Tommy Thompson, who served with distinction and honor as a former secretary of health and human services.
I rely on Tommy Thompson. I rely on his advice and counsel. And, frankly, he's one of the great leaders in this nation.
Could I just mention one other very brief thing? Todd Palin -- Todd Palin, Sarah's husband, when they were in the snowmobile, or snow-machine business, as they call it, in Alaska, and every year he's in this race, 2,000-mile race, in the dead of winter, in 40-degree- below temperature across Alaska, the Iron Dog race. And he's four- time champion. One time he broke his arm with 500 miles to go and finished the race.
Remarkable father. I hope you get a chance to meet him. And I think he can tell you a lot about wellness an fitness. But I don't recommend going on a snow machine with a broken arm.
The next -- yes? Yes?
UNIDENTIFIED FEMALE: Senator McCain, it's such an honor to be here with both of you this morning. I'm a realtor witnessing firsthand the effect the mortgage crisis has had on many people's lives. Will you assure us that, as president, you will take immediate action to investigate, prosecute and name the names of the people actually responsible?
MCCAIN: I will. And it is already a matter of record that members, Democrat members, of Congress fought against reform and it's a matter of record and hearing that they said everything was fine. Senator Obama a year ago said these kinds of subprime loans are, quote, "fine" with him.
And the fact is that the same people that are now claiming credit for this rescue are the same ones that were willing co-conspirators in causing this problem that it is. And you know their names. And you will know more of their names. Congressman Barney Frank and Senator Chris Dodd -- are two of them.
PALIN: Remember who it was who stood up even to those in his own party, certainly to those in the other party, who are seeming to be complacent and almost condoning of what was going on with Fannie and with Freddie. Two years ago, one man stood up joining a couple of his colleagues finally there in ringing that alarm bell to let people know what was coming. That was Senator John McCain.
MCCAIN: And by the way -- Senator Obama may claim that he said something about it. There's no record of it. Go online. There's the letter that I and other members of the Senate wrote in predicting the impending failure and crisis we were in unless we fixed it. And they fought activity against reform, because they were taking their money and ran.
Yes, sir?
UNIDENTIFIED MALE: Well, first of all, thank you both for all you're doing for our country. I wanted to ask you about -- about the issue of abortion, and specifically about the debate a couple of nights ago. The moderator cleverly never brought this -- the question up.
And with the debate coming up again, I would ask if you're going to find a way to bring the subject up, even if it's not asked about, because I firmly believe it's an issue which you have the advantage.
PHILLIPS: John McCain campaigning in Waukesha, Wisconsin. You can still watch this live, if you want, at CNN.com/live. He's talking about your money and his pledge to bring it back.
And take a look at this: our national debt clock. Can you believe that every six to seven seconds it goes up a million dollars? I think we're going to try and get it up there right there on the big screen. Watch it as we -- we're going to try and download it so you can see it. It's amazing when you see it moving so fast up the scale.
Do we -- there it is, right there. We just -- we came across this. We just want to put it in perspective. The national debt clock. And look how fast it's moving. Every six or seconds -- six to seven seconds, rather, up a million dollars. So are we just too greedy or are we just lucky consumers? Do we need to change our habits or our hearts?
Dr. Deepak Chopra and Reverend Franklin Graham up next to talk about how our economic crisis could be a spiritual awakening for all of us.
(COMMERCIAL BREAK)
PHILLIPS: Who is your hero? This year we've told you about nearly 4,000 of your inspirations through our CNN.com Heroes Initiative. Well, our unique panel of judges have narrowed that list down to the top ten now. And here they are.
(BEGIN VIDEOTAPE)
ANNOUNCER: The 2008 CNN Hero honorees, they all dared to make a difference. UNIDENTIFIED MALE: I put together a crew that stays on the road 12 months out of the year, responsible for disasters all over America, free of charge.
UNIDENTIFIED FEMALE: My mission is to educate AIDS orphans in (INAUDIBLE).
JOHANNES GEBREGEORGIS, CNN HERO NOMINEE: I'm bringing literacy to the children of Ethiopia.
UNIDENTIFIED FEMALE: We use running to help the homeless move forward.
UNIDENTIFIED MALE: I bring artificial limbs and braces for those in need to Mexico.
UNIDENTIFIED FEMALE: I'm helping families rebuild in St. Bernard Parish.
UNIDENTIFIED FEMALE: I started the Messages Project so that incarcerated parents can keep in touch with their kids.
UNIDENTIFIED FEMALE: I recruit children from this dump to a school at my organization.
UNIDENTIFIED FEMALE: I cross the border to help people in projects (ph).
UNIDENTIFIED FEMALE: I came to Senegal from Detroit, Michigan. I started a girls' education and self-sufficiency program.
ANNOUNCER: Your votes will help one become the CNN Hero of the Year. Vote now: CNN.com/hero.
(END VIDEOTAPE)
PHILLIPS: Internationally known for "Mind/Body Medicine" and best-selling author, Dr. Deepak Chopra, and the Reverend Franklin Graham, president of the Billy Graham Evangelistic Association, were members of our special blue ribbon panel that actually picked those top 10 heroes. They join me now to talk about why it's so important to recognize such incredible and selfless human beings.
Gentleman, great to see you both.
DR. DEEPAK CHOPRA, CNN HEROES PANELIST: Thanks, Kyra.
REV. FRANKLIN GRAHAM, CNN HEROES PANELIST: Thank you.
PHILLIPS: Deepak, let's start with you. As we watch these clips and we see the hearts and the actions of these heroes, and then we look at what's happening on Wall Street and just the greed and the corruption that's taking place, and our economy and how the middle class is suffering. You know, you really see the contrast between rich in spirit and rich with money, don't you? CHOPRA: Yes. You know, when Jesus said, blessed are the poor, for they will inherit the kingdom of God, he was talking about these people who will sacrifice more than half their salary to help other people because they feel love and compassion. They are the ones who are rich in spirit. They are much more wealthy than those Wall Street people with their golden parachutes, they're cronyism, their corruption, their influence peddling which is wreaking havoc in our global economy.
By bringing to light the work of these great heroes, we can not only motivate them more, but we can use them as role models for our children because our children are confused right now. They confuse heroes with self-absorbed celebrities. I think these are the true heroes.
And CNN is doing a great job by actually telling their story and changing the conversation. Because, Kyra, it's our collective conversation that is projected as the world out there.
PHILLIPS: That's exactly why I wanted to talk about it today and I couldn't think of two better people than you and Franklin.
And Franklin, you know, you think of the B-Attitudes, Deepak was going there, in a sense. Blessed are the pure in heart. We're seeing it right there.
GRAHAM: You know, Kyra, this is -- we see sacrifice, we see service to others. And Jesus Christ, when he was here on Earth, of course, he gave his life, he sacrificed his life for each of us. And CNN has gone out, and -- it wasn't -- it's not just these 10, but there were 20 that we had to choose from. And every one of the 20, in my opinion, were heroes.
I was blessed to be a part of this. My life is richer for -- for being a part of it. And I thank CNN for bringing these wonderful people to the forefront, especially at such a time where we see the greed and we see the selfishness, we see the corruption that is not only on Wall Street but also that's in government. This is a great reminder of what service is all about and what sacrifice is all about. And each one of these people that you've presented is a hero.
PHILLIPS: I want to highlight one of those. You talk about service to others, Franklin. Let's talk for a minute about Phymean Noun, and she's from Cambodia. Her story was so heartwarming that -- there she was, walking through her home country of Cambodia. She threw out her chicken bones, these kids came running to the trash can just to stuck on the chicken bones because they had no food.
So what has she done? She's turning these trash dumps into schools.
Deepak, what makes this woman a hero, besides the obvious?
CHOPRA: Well for one thing, she left a very successful career and then spent all her savings to help these children. She's actually saving these children from slavery because that's what the labor is, these dump (ph) children are slaves. And by educating them, she's unfolding their potential and, in many ways, making them the leaders of tomorrow.
Our children are our hope. You know, there's a great Indian poet by the name of Tagore who said, every child that is born is proof that God has not yet given up on human beings.
PHILLIPS: Franklin, I know you and Deepak both found her fascinating in addition to Anne Mahlum. She created the Back on My Feet program, a running program here in the states for homeless people. I know poverty issues are close to your heart.
You know, tell me why you think people like Anne are causing such a spiritual awakening for so many of us right now.
GRAHAM: You know what I appreciate so much about Anne was the fact that, you know, so many of us go down the streets of America and we see the homeless and we drive by, we're on our way, we're busy doing something else, but we see them and we don't stop. The Good Samaritan, the story that Jesus talked about, a man was on a journey, fell into robbers and he was beaten and robbed and left for dead, and people came by and they noticed, but it was a samaritan that stopped to help him. I see Anne as like a modern day samaritan, stopping along the street, finding these people and challenging them to come run with her.
And the hope and the inspiration that she has given to so many of these people in the streets -- it was an inspiration to me. And I'm a runner. I'm not very good runner. I don't run marathons, but I was just so impressed with this lady. She just -- I tell you what, she just knocked my socks off. I love her.
PHILLIPS: Deepak, why don't more people think about we versus me?
CHOPRA: Well I think it's the way we are brought up. It's the hypnosis of our social conditioning. And unfortunately, the media participates in it. You know, so right now the talk is all about me and us versus them. When, in fact, in the deeper domains of awareness and spiritualities, that domain of awareness where we experience our universality. And when we experience our universality then we experience the intention to help others because we see that we are inseparable from them.
We experience love, compassion, loving kindness, equanimity and -- research also shows that the best way to be happy is to make other people happy. Money brings some comfort, but it is not the source of happiness. People in Nigeria, in Venezuela, in Puerto Rico and Mexico are happier than in the United States. The research shows that when you see problems and find opportunities and when you help other people, it increases your happiness, too.
PHILLIPS: Franklin, final thought. The Pope came out earlier this week, for the sake of all religions here, and he said that the bank situation, the crisis on Wall Street, is showing that banking is built on a house of sand, and that faith in God is the most important thing.
I'm guessing that you agree with that?
GRAHAM: Absolutely, Kyra. He was right on.
And we need to put our faith and trust in almighty God. We have put our faith in the almighty dollar, in our economy, in our science, in our success. And we as a nation have turned our back on God. We need to return to the God our fathers. We need to ask for God's forgiveness, we need to repent of our sins. And we need to come to him and humble ourselves.
The Bible says if we do that, that he will not only heal our hearts but he'll heal our land. America needs to be healed, and it needs to be healed by God. It's not going to be healed by man, but by God himself if we turn to him and ask for his forgiveness.
PHILLIPS: Franklin Graham, Deepak Chopra, I couldn't think of a better segment to do today. Now this is good, positive television. What do you say?
GRAHAM: Thank you, Kyra.
PHILLIPS: Thank you, gentleman.
CHOPRA: Thanks, Kyra.
PHILLIPS: Thanks, Deepak.
Well you can help pick CNN's hero of the year. Click on to CNN.com/heroes to cast your vote. We'll reveal the winner on CNN in an all-start tribute, 9:00 p.m. Eastern on Thanksgiving Day.
Well they're trying to take away his wheels. And now this senior citizen has got a serious case of roller rage.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: They call themselves a board of directors. I call them a board of dictators. Party poopers, they are raining on my parade.
(END VIDEO CLIP)
PHILLIPS: We're going to tell you why his new fangled contraption is so controversial with the neighbors.
But first, "Fortune" magazine is out with its list of 50 most powerful women in business. And here is a TV executive who is no stranger to the list. But before we tell you who she is, here's a chance to guess.
(BEGIN VIDEO CLIP)
UNIDENTIFIED FEMALE: When I was younger I thought about being a teacher because my parents were educators. UNIDENTIFIED FEMALE: But instead, she went from the classroom to the boardroom to run a media empire.
Who is the woman keeping people tuned in? Find out after the break. (END VIDEO CLIP)
(COMMERCIAL BREAK)
(BEGIN VIDEO CLIP)
UNIDENTIFIED FEMALE: Taking the number 12 spot on "Fortune" magazine's most powerful women list is Anne Sweeney of Disney-ABC Television Group.
A key player in getting Disney-ABC an extreme makeover, Sweeney believes taking risks can put you at the top, and equipping your team with the latest gadgets keeps you there.
ANNE SWEENEY, DISNEY-ABC TELEVISION GROUP: Don't just talk about technology, don't just talk about the future; experience it. I know my team, and when I put something new into their hands, I can count on them coming back with big ideas.
(END VIDEO CLIP)
PHILLIPS: They are close to corridors of power driving the nation's policymakers around D.C. every day, but they're also firmly grounded in the real world struggles caused by the financial crisis. They are Washington taxi drivers and they hit the streets and shared their thoughts with our Zain Verjee.
(BEGIN VIDEOTAPE)
ZAIN VERJEE, CNN STATE DEPARTMENT CORRESPONDENT (on camera): Taxi. Taxi.
(voice over): We jumped back into a United Nations of political pundits.
UNIDENTIFIED MALE: And I'm from Freetown, Sierra Leone.
UNIDENTIFIED MALE: I'm from Iran.
UNIDENTIFIED MALE: I come from Afghanistan -- Kabul.
UNIDENTIFIED FEMALE: I was born in Greenville, North Carolina.
VERJEE: It's a quick spin past landmarks of the financial crisis, the White House, to the Federal Reserve, to the U.S. Treasury.
(on camera): People who worked here dreamed up the financial rescue plan. Cabbies know that this is where the power lies.
UNIDENTIFIED MALE: We, the little guys, are the ones suffering right now. VERJEE: What are the issues about the economy right now that really affect you and that you want the new president to deal with?
UNIDENTIFIED MALE: Now my home equity line has been cut off. And right now I'm struggling to pay my mortgage. And I would like them to say more -- to talk more about the mortgage crisis.
UNIDENTIFIED MALE: I don't want to be unemployed.
VERJEE (voice-over): For the cabbies, it's what they tune in, who they pick up, what they see.
UNIDENTIFIED MALE: You see the hotel has no business, there's -- everywhere, there's no business.
VERJEE: He lost his home and his car dealership, so is back behind the wheel.
(on camera): It's not just people taxi drivers take around town, but they move ideas, too.
UNIDENTIFIED FEMALE: Health care -- where a lot of people are losing their jobs, are going to be out of work. And -- I don't know, it seems to me that everything is really upside-down.
VERJEE (voice-over): Also on the taxi radar, the debate.
UNIDENTIFIED FEMALE: Since Governor Palin came, it's really been interesting.
UNIDENTIFIED MALE: His answers were more precise.
VERJEE (on camera): So you're one of the political pundits of Washington, D.C.?
UNIDENTIFIED MALE: I can't say I am.
UNIDENTIFIED FEMALE: Well, it's been going on a long time, but it's going to be exciting to see how it ends.
VERJEE: Thank you, Daisy. Bye.
UNIDENTIFIED FEMALE: You're welcome. Thank you, now. Bye-bye.
(END VIDEOTAPE)
PHILLIPS: Wait a minute, Zain. Did you tip him?
VERJEE: A huge tip.
PHILLIPS: I hope so.
All right. Well what was the most striking part of what the cabbies told you?
VERJEE: Well it really -- Kyra, what stood out was the focus on the economy. Cabbies, just like everyone else, are really worried. They're seeing their business fall, their homes go, their savings drop. It's hard to pick up anyone around town more than ever these days.
The other striking thing, Kyra, was that a lot of them really care about how the U.S. is seen by the rest of the world. It really does matter, they told us. And what they're saying is that they hope that the new president can restore America's standing, its image, its credibility in the world that's -- at an all-time low.
PHILLIPS: Well as you and I both know some of our best conversations come in the cabs with all those drivers from all around the world.
What are they saying about the next few weeks?
VERJEE: Well they're saying it's not over until it's over and they are looking forward to the next few weeks because that's going to bring a lot more twists and turns and many surprises, Kyra.
PHILLIPS: Did you have fun?
VERJEE: I did. I did, because you know I got to spend the whole day, a couple of days, actually, just riding around, getting real people's views on what's happening. And they're so plugged in.
And it was also a great day. I got to eat two hot dogs and I got to bill it as work.
PHILLIPS: Yes, and you're so low key, and not very social. So this was probably a highlight for them to try to get you to come out of your shell.
VERJEE: Yes, it was very exciting. And at the end, I said bye to Daisy, and that was the State Department in the background. I had to go back in there.
PHILLIPS: Of course. We love Daisy, and we love you.
Thanks, Zain.
VERJEE: Thanks, Kyra.
PHILLIPS: Well they each say that they're the guide to cure the country's ills. But how about the candidates themselves? Are they both healthy and fit to lead? Yesterday we checked up on John McCain, Senator Obama you're up next.
And your life turned upside down by the economic crisis. What are your legal rights? Can you sue your banker or your broker? Next hour we're going to ask our legal expert, Sunny Hostin.
(COMMERCIAL BREAK)
PHILLIPS: 1:49 Eastern time. Here are some of the stories we're working on right now in the CNN NEWSROOM. More than half way through the trading day and Wall Street down again. Last hour, the White House confirmed that Treasury Secretary Paulson is actively considering a plan buy equity stakes in some of the nation's banks. Dow Industrials down 106 points.
Hurricane Norbert expected to reach Mexico's Baja Peninsula this weekend. It could dump a lot of rain in Mexico and west Texas by Sunday night.
And the prosecution has rested in the corruption trial of Alaska Senator Ted Stevens. Her's accused of getting favors from an oil pipeline company. Colin Powell is expected to be among those testifying on the senator's behalf.
And we're watching John McCain and Sarah Palin still speaking in Waukesha, Wisconsin. You can go to CNN.com/live if you want to continue to listen to what they say.
And we've heard a lot about his plans for American health care. But, how does Barack Obama care for his own health? Well, yesterday we looked at John McCain's medical files. So, today, we'll do a check up on Senator Obama, a reformed smoker with some history of cancer in his family. Let's get straight to our chief medical correspondent Dr. Sanjay Gupta.
(BEGIN VIDEOTAPE)
DR. SANJAY GUPTA, CNN CHIEF MEDICAL CORRESPONDENT (on camera): Well, first of all, with regard to those cigarettes, he has admitted to falling off of the wagon a few times, bumming a few cigarettes during the campaign. And I'll tell you as a reporter, this has been a very interesting story to cover.
On one hand, you have Senator McCain who's released 1,100 plus pages of medical records. Senator Obama's doctor of 21 years, released one page of medical records. So what do we really know and I think more importantly, what do we have the right to know?
Take a look.
GUPTA (voice-over): At the age of 47, Barack Obama is one of the youngest nominees of a major party ever. His health is not as wildly discussed as his 72-year-old opponents. But Obama does has one issue that's been long talked about. He was a long-time smoker. Boston Dr. Thomas Peals has studied the effects of smoking.
DR. THOMAS PERLS, BOSTON MEDICAL CENTER: Well, there's no doubt that smoking is an age accelerator. It enhances vascular disease, it predisposes to cancer, it predisposes to Alzheimer's disease.
GUPTA: Obama said he gave up smoking last year to run for president. He's admitted to falling off of the wagon a number of times.
UNIDENTIFIED MALE: How did you quit? Because I'm quitting now -- SEN. BARACK OBAMA (D-IL), PRESIDENTIAL CANDIDATE: Nicorette. You want one? Here, try it out.
OBAMA: Dr. Tedd Mitchell runs the Cooper Clinic, where President Bush got his physicals while governor of Texas.
DR. TEDD MITCHELL, COOPER CLINIC: While the risk is better every single year that goes by that he's not smoked, it never leaves him.
GUPTA: Experts say quitting is no magic bullet. But it does cut the risk of heart disease in half after just a year. After 10 years, your lung cancer risk is also cut in half.
Senator Obama has cancer in his family. His mother died of ovarian cancer at 52. His grandfather was 73 when he succumbed to prostate cancer. But cancer specialists say neither of those should affect Obama's risk. Observers say we don't know everything about Obama's health because the campaign hasn't released complete medical records.
But in May, they did release a one-page summary of those records and this statement from his long-time doctor.
Here's what it said.
"Senator Obama has been in excellent health. He has been seen regularly for medical checkups and various minor problems such as upper respiratory infections, skin rashes and minor injuries."
The summary went on to say his cholesterol was good, blood pressure, healthy. And John McCain, this year, gave reporters, including me, a glimpse at more than 1,100 pages of medical records. A McCain spokesman tells CNN, it's a quote, "complete double standard." The Obama campaign tells CNN, no records will be made public.
GUPTA (on camera): Now, we did ask two questions of the campaign. One is, would there be any more records being released and you just heard the answer, no. We also asked if the Obama campaign thought the health of Senator McCain, was a legitimate issue. And there was no comment on that whatsoever.
As far as the cigarettes go, Senator Obama said, look, he needed to have some slack cut to him. After all, he is running for president.
Back to you.
(END VIDEOTAPE)
PHILLIPS: All right. Sanjay Gupta, thanks so much. And we've got much more on this. Don't miss CNN's Special Investigations unit report, Fit to Lead, the Challenges of the President as a Patient, hosted by Dr. Sanjay Gupta. That's Saturday and Sunday night, 8:00 and 11:00 Eastern. On his Segway he was king of the road until his neighbors threw up a detour. How this Florida condo is parked and waiting for arbitrator's decision.
(COMMERCIAL BREAK)
PHILLIPS: Well, he doesn't leave his left blinker on. And he's never run anyone over. But still, some of his Florida neighbors say, he's hell on wheels and they're trying to get him permanently parked. The senior squall isn't over a car though, it's over a Segway.
Here's Gary Nelson, from our affiliate WFOR.
(BEGIN VIDEOTAPE)
GARY NELSON, WFOR REPORTER (voice-over): Stan Blumenthal took his Segway personal transporter for a spin around his condo, one of his last. if the condominium's board of directors get its way.
STAN BLUMENTHAL, SEGWAY OWNER: They call themselves board of directors. I call them board of dictators.
NELSON: When Stan got his wheels, two years ago, the condo's board wrote a rule banning the device. And Tuesday, a state arbitrator held court on the clash over Stan's contraption.
BLUMENTHAL: Want to see how fast it can go? I'll go around the pool.
UNIDENTIFIED MALE: Let me ask you just one more thing.
NELSON: The arbitrator watched Stan demonstrate the one-man ride and heard from condo board members who say the thing is dangerous.
AL SMITH, CONDO BOARD MEMBER: He could be coming around that corner on that 100 pound vehicle. I just think it's a danger to everyone here.
NELSON: Stan puts folks in danger they argue, zipping back and forth to the store and about the development.
LEE SMITH, CONDO RESIDENT: He would come into our building, where he did not live to visit his girlfriends. And that's fine.
NELSON (on camera): Did they make a big deal about you using this thing to go visit your girlfriend.
BLUMENTHAL: That's right.
NELSON: Like there's something wrong with that.
You are the girlfriend?
FLORENCE COHEN, BLUMENTHAL'S GIRLFRIEND: I am.
NELSON (voice-over): Florence Cohen is the girlfriend who thinks the condo board has gone overboard.
COHEN: I don't think people should bother other people if they want to do something that's not harmful. As long as he doesn't hurt anybody, doesn't hurt himself.
NELSON: And Stan argues, golf carts run all over the complex. So do motorized wheelchairs and bicycles and riding lawn mowers. If they're OK, why isn't he OK? He sees the condo board as a bunch of fuddy-duddies.
BLUMENTHAL: Party poopers. They're reigning on my parade.
NELSON: Stan says his electric Segway is environmentally friendly and gives him independence he otherwise wouldn't have.
BLUMENTHAL: It's a quality, you know? At 83, I'm trying to enjoy life. Pursuit of happiness. Why should I give up pursuit of happiness.
(END VIDEOTAPE)
PHILLIPS: We're with you, Stan. Rock on. The state arbitrator expects to issue his ruling in the next two weeks. We're going to keep an eye on that for you.
The next hour of CNN NEWSROOM starts right now.
