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American Morning

Barack Obama Elected President; Examining the Effect of the African-American Vote; Colin Powell Interview

Aired November 05, 2008 - 10:00   ET

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


SUZANNE MALVEAUX, CNN CORRESPONDENT: But those familiar with the discussion and the process say there's certainly informal talks going on with him. Whether or not he would be interested in the chief of staff position. One person telling me this morning will be he is credited for bringing Congress back into control with the democrats and, therefore, he is somebody who they believe really could reach out. He has centrist politics. He's able to raise a lot of money and obviously would have a vote, a say, a lot of influence. So he is somebody who is being seriously considered. Another possibility is former Senate majority leader Tom Daschle as a possible second.
And they of course looking at the financial team wanting to show voters they're very serious about the financial crisis looking at who could possibly be Treasury Secretary. One of the people on the list, former Treasury Secretary Larry Sommers of the Clinton administration, also a former president of Harvard University is a real possibility there. Also, former Federal Reserve chair Paul Voelker. Both of these individuals are on Barack Obama's economic team advising him over the last three or four weeks over the crisis. So both of them would make a good fit, those who are familiar with the process tell me.

And then finally of course, he's looking at his national defense team. A big question is whether or not he's going the keep Robert Gates, the Secretary of Defense. Or whether or not he would cross the aisle and look at somebody else, perhaps retiring Senator Chuck Hagel. That is a possibility. The two of them went to Afghanistan and Iraq together. They are rather close. And it is, as one person put it, would really be kind of a way of showing people that he is serious about the bipartisanship, the effort that he wants to make reaching across the aisle, getting differences of opinion. And obviously moving his national policy, his foreign policy forward. Kiran.

KIRAN CHETRY, CNN, ANCHOR: So how do we see the rest of the week shaking out, Suzanne?

MALVEAUX: Well, we understand there's probably going to be a press conference sometime in the next couple days, at least before the week's end, so we can get some questions to the President-elect. Also on a more personal matter, as you know, Barack Obama's grandmother passed away on Monday, the day before the election. So, he and his sister, Maya, obviously are going to be working on arrangements to get to a private ceremony in Hawaii at some point in the days to come. Kiran.

CHETRY: So he has a lot to be happy about and then a personal tragedy as well to deal with. So a lot on his plate certainly. Suzanne, thanks.

JOHN ROBERTS, CNN, ANCHOR: Just after 10:00 a.m. on the East Coast. And 11 hours ago America made history by electing the country's first African-American president in its 232-year history. In Atlanta, an emotional scene inside the Reverend Martin Luther King's old church.

That was just after 11:00 last night when CNN and others called the race, about 2,000 people packed inside Ebenezer Baptist Church. King's surviving children, Martin and Bernice were there as was his sister Christine Ferris, another 1,000 people gathered outside.

President-elect Obama will assume the White House officially on the 20th of January. Amazing pictures this morning of thousands who spontaneously showed up outside his future home chanting "Yes, we can!" and "Obama!"

Uniformed Secret Service officers were overheard saying they had never seen anything like it.

Well, the celebrating in Chicago stretched well beyond the confines of Grant Park where the president-elect gave his acceptance speech. One woman driving on Michigan Avenue stopped her car when she heard that Obama had won. She got out. She stopped her car first, and then got out and celebrated with some Gospel music and prayers of thanks. Several onlookers were happy to join in.

Well, the historic election capping a 21-month-long race to the White House. Obama's acceptance speech came in front of nearly a quarter of a million people, all full of expectation, some of them moved to tears. And the magnitude of democracy's choice not lost on the soon-to-be 44th president.

(BEGIN VIDEO CLIP)

PRESIDENT-ELECT BARACK OBAMA (D), UNITED STATES OF AMERICA: If there is anyone out there who still doubts that America is a place where all things are possible, who still wonders if the dream of our founders is alive in our times, who still questions the power of our democracy, tonight is your answer.

(END VIDEO CLIP)

CHETRY: Well, Barack Obama facing real world challenges ahead certainly, inheriting two wars and an economic crisis. Joining us to talk about it, Angela Burt-Murray, Joe Klein, Robert Zimmerman and Alex Castellanos. Great to have all of you with us this morning. Wow, we're heading into our seventh hour of coverage here. But there's still of course a lot to talk about. And one, of course, Joe, you had a chance to talk one-on-one with Barack Obama when he was still running. And you talked about what we can expect in terms of the types of challenges he's made of General Petraeus, challenging the thinking when it comes to withdrawal from Iraq. What do you think he's going to look to in the near term in terms of these two wars?

JOE KLEIN, "TIME MAGAZINE" COLUMNIST: Well I think in national security terms, he is probably going to be relatively conservative. I mean Iraq - we're going to start drawing down from Iraq very, very soon. Petraeus right now is neck deep in a review of Afghanistan. It will be prepared by the end of December. At the same time I think that the withdrawals from Iraq will begin. The question is whether Obama keeps the same national security team or parts of it that he has.

Last summer when I talked to him about this, he said he would very much like to have someone like Robert Gates in his cabinet. And Gates has privately said that he would not be averse to being part of the transition, staying for a year or two. It will be interesting to see whether he makes that decision. I think one of the big arguments in favor of that course of action is that he really has to focus on domestic policy. And in that area, he is not going to be conservative. There was a real mandate for government activism last night, for a new liberalism in domestic policy.

CHETRY: Do you agree?

ROBERT ZIMMERMAN, DEMOCRATIC NATIONAL COMMITTEE: Well, I think there's a very big distinction between government activist and domestic liberalism. And I really don't believe the paradigm of how he defined conservative and liberal really applied to addressing the issues today. I think what's most interesting about Barack Obama and his future administration is the fact that strategically if he governs from the center and, in fact, works to bring the Congress and sets an agenda for the Congress to follow him from the center, then he can build a coalition that can really - democratic and republican, that can bring him through the tough times that every new administration faces.

CHETRY: I want to ask you, Alex, because, if he does draw down troops from Iraq in 16 months, this is the unpopular war that was started by the Bush administration. How will history view it if there is a peaceful withdrawal, something that can still be considered success, but it's with the Obama administration?

ALEX CASTELLANOS, REPUBLICAN CONSULTANT: Well, I think America is ready to enter a new era there. I think Joe's point is exactly right. In a way, because - I think Americans understand that Obama wants to get us out of there, he'll be - more generous and give him more time to do it. We'll be able to actually stay longer than we might have been able to with McCain who would have been pressured to get us out of there more quickly. But I don't think the difference, by the way, is whether you know a new liberalism - look, a democrat won who moved to the center, a democrat won who promised tax cuts the way republicans used to. A democrat won who said oil drilling might not be a bad thing. Petraeus and Gates could stay, who offered a lot of continuity.

CHETRY: Yes, but at the same time -

KLEIN: One who favored $7 billion a year in new infrastructure spending and $15 billion a year in alternative energy.

CHETRY: Let me have Angela Burt-Murray finish. Is there too much expectation put on Barack Obama right now in terms of what he's going to be able to accomplish in the near term?

ANGELA BURT-MURRAY, EDITOR IN CHIEF "ESSENCE MAGAZINE": Well certainly everyone has very high expectations. And as we said earlier he's got to hit the ground running. Americans are hurting right now. He has to move quickly. The economy has to be his singular focus, and getting people working, rebuilding their 401(k)s, taking a look at the foreign markets. It's really about moving quickly and seeing change immediately.

ZIMMERMAN: Perhaps the greatest challenge is to manage the expectations. That's the biggest challenge coming forward.

CHETRY: Well, we are out of time, you guys, I really appreciate the lively discussion. Thanks, John.

ROBERTS: It's coming up now on nine minutes after the hour. In just a few minutes we expect to hear President Bush's thoughts on the new President-elect. Meantime we want your feedback to be a part of our special coverage this morning. Our quick vote question this hour, did the choice of Governor Sarah Palin for the republican ticket cause Senator John McCain to lose the election? Call our toll free number at 866-979-VOTE. That's 866-979-8683 or you can text us your answer on your smart phone at 94553. That's 94553.

A battle-tested general brought to tears in an exclusive interview, Colin Powell shares his emotional reaction and his reflections on Barack Obama's victory. We'll have that for you when we come back.

(COMMERCIAL BREAK)

JOHN ROBERTS, CNN, ANCHOR: 12 minutes now after the hour. The historic Obama victory. Let's boil it down to five primary reasons. And who better to tell us those reasons than CNN's Tom Foreman who is here with us now. Good morning, Tom.

TOM FOREMAN, CNN HOST: You know, John, people really got caught up in the poetry of this, the glamour of all of this. But in the end what it really was a very clever political positioning. Obama won by being in the right place at the right time, that's for sure but also with the right strategy. And you can break it down to really five key points number one he rose on the national scene when public mistrust of Washington insiders was terribly high. And the issues like the economy and the war were against the republicans. That turned many of Obama's negatives, such as his limited experience, into positives.

Number two, he exploited the caucus system to rack up delegates and get his party's nomination. In the caucuses his enthusiastic followers were able to lobby other voters to get them on board precisely at the moment they had to make their decision.

Number three, rather than chasing big donors who might give the maximum allowable donation up front, he used the internet to reach millions of small donors who maybe only gave $50 or $100 a time, they could give over and over again, establishing a flow of money that grew with his success. Number four, he spread out McCain's defense. He attacked with ads and personal appearances all over the place forcing McCain to use his limited cash just to hold on to states that he should have had in the bank.

And number five, Obama did not just go after the democratic left. He called out to the disaffected middle, new voters, nonvoters and independents and they answered in a big way. All of this John in many ways is counterintuitive to what Washington believes is the normal way to win an election. But at this place in this time, he was the right man to make it happen. And boy, did it happen?

ROBERTS: Tell you, there's two big reasons why he is where he is. David Bluff, his campaign manager and David Axelrod, his chief strategist.

FOREMAN: Clever approaches.

ROBERTS: Brilliant guys.

FOREMAN: Let's see how he does to put together his cabinet.

ROBERTS: They will be employed for life. No question about that. Tom, thanks so much. Kiran.

CHETRY: Well America's talk show queen celebrates the country's first black president. Oprah Winfrey says it feels like hope won. She had much more to say. She talked one-on-one with our own Alina Cho. And we're going to bring you more of that ahead on AMERICAN MORNING.

(COMMERCIAL BREAK)

CHETRY: Talk show host, international celebrity, Oprah Winfrey doing some celebrating of her own. Barack Obama's history-making win. Now, Oprah Winfrey was an early supporter of Obama's campaign. And she was in the crowd that gathered in Chicago last night. CNN' Alina Cho was also there and she had a chance to speak one-on-one to Oprah in an exclusive interview. Boy, the emotion that she displayed in talking to you was just unbelievable, Alina.

ALINA CHO, CNN, CORRESPONDENT: It really was, Kiran. You know, I've never seen Oprah like that, not even on her show. It was really incredible to spend some time with her. I think it's safe to say that Oprah's seal of approval goes way beyond books these days. Illinois congressman Jesse Jackson, Jr. called her the queen of king-makers. He said he wanted to call her a king-maker but she's really the queen of king-makers. And when I said to him you know she helped elect a president, he said she did elect a president.

You know she was here in the crowd at Grant Park last night. I had a chance to go one-on-one with her. And she talked a lot about hope. She said this really shows America that you can be whatever you want to be, signaled sort of a new chapter in America. She said what really did it for him was Colin Powell's endorsement. When Colin Powell said that Barack Obama understands that all villages are important, she understood that Barack Obama is the right president for this right time. Kiran.

CHETRY: Alina, we're so sorry. We're just going to have to hear from Oprah in a couple of minutes. We got word that the president is getting ready to speak. So we're going to go to that and we're going to come back and hear from Oprah. Thanks so much, Alina. Let's go over to John.

ROBERTS: Well, President Bush expected to speak in just the next few seconds here. We got the two-minute warning just a little while ago. He's going to be talking about the new president elect. And as we were speaking with Fran Townsend, a CNN contributor who used to be the President's Homeland Security advisor, the process to transition in the White House, this is the first post 9/11 transition, has been underway for some number of months now. In fact, Fran was saying the process actually began while she was still at the White House. And certainly it has begun in earnest in the last few weeks. The president named I believe it was either 12 or 14-member transition committee that would start to hand over the reigns of power. And it's very important because this being, again, the first post 9/11 transition of power, there's so many aspects of this that have to go absolutely smoothly to make sure that America's security is kept intact. And here is the president.

PRES. GEORGE W. BUSH, UNITED STATES OF AMERICA: ... warm conversation with President-elect Barack Obama. I congratulated him and Senator Biden on their impressive victory. I told the president- elect he can count on complete cooperation from my administration as he makes the transition to the White House. I also spoke to Senator John McCain. I congratulated him on a determined campaign that he and Governor Palin ran. The American people will always be grateful for the lifetime of service John McCain has devoted to this nation. And I know he'll continue to make tremendous contributions to our country. No matter how they cast their ballots, all Americans can be proud of the history that was made yesterday.

Across the country citizens voted in large numbers. They showed a watching world the vitality of America's democracy and the strides we have made toward a more perfect union. They chose a president whose journey represents a triumph of the American story, a testament to hard work, optimism and faith in the enduring promise of our nation. Many of our citizens thought they would never live to see that day. This moment is especially uplifting. For a generation of Americans who witnessed the struggle for civil rights with their own eyes. And four decades later, to see a dream fulfilled.

This campaign has now ended and we move forward as one nation. Embarking on a period of change in Washington, yet there are some things that will not change. The United States government will stay vigilant in meeting its most important responsibility, protecting the American people. And the world can be certain this commitment will remain steadfast under our next commander in chief. There's important work to do in the months ahead and I will continue to conduct the people's business as long as this office remains in my trust.

During this time of transition, I will keep the president-elect fully informed on important decisions. And when the time comes on January 20th, Laura and I will return home to Texas with treasured memories of our time here. With profound gratitude for the honor of serving this amazing country. It will be a stirring sight to watch President Obama, his wife Michelle and their beautiful girls step through the doors of the White House. I know millions of Americans will be overcome with pride at this inspiring moment that so many have waited for so long.

I know Senator Obama's beloved mother and grandparents would have been thrilled to watch the child they raised ascend the steps of the capitol and take his oath to uphold the Constitution of the greatest nation on the face of the earth. Last night I extended an invitation to the President-elect and Mrs. Obama to come to the White House. Laura and I are looking forward to welcoming them as soon as possible. Thank you very much.

ROBERTS: There you have a stirring example that fully illuminates why the United States is so great. No partisan politics involved there, the outgoing republican president welcoming in the democratic president-elect saying it will be a stirring sight when the President-elect Obama, his wife Michelle and his daughters Melia and Sasha, come to the White House, and he takes his position at the 44th president of the United States.

It's coming up on 24 minutes after the hour. Continuing coverage of this historic election on the most news in the morning. You're with CNN. Stay with us. We'll be right back.

(COMMERCIAL BREAK)

ROBERTS: Yes, we're still scrambling this morning to put it all together. It's 27 minutes after the hour. Many African-Americans thought that they would never live to see it, the election of the country's first black president. MARCIANO: Morial is the president and CEO of the National Urban League, also the former mayor of New Orleans. He joins us this morning with his thoughts. Good morning to you.

MARC MORIAL, PRES. & CEO, NAT'L URBAN LEAGUE: Thanks, John. Good to be with you.

ROBERTS: Let me throw a quote at you. You said this right after the democratic convention, August 29th to "The Chicago Tribune." You said Harold Washington being elected mayor of Chicago didn't end racism in that city. Black mayors couldn't solve all the problems. So how do we expect one man to get in there and a fix an entire nation. How are you feeling about that statement this morning?

MORIAL: I feel strong and I stand by that statement. But here's the thing, this was a giant leap forward for the United States of America, a giant leap forward for Americans of all race. Because what it means is that people had their eyes on the future and not on the past. So it's a victory for a man, Barack Obama, who is special, very talented, but it's also a victory for the nation.

ROBERTS: So what do you think has changed in america as of this morning? MORIAL: I think what's changed is that many, many people were willing to look beyond race in casting their votes. Many people were willing to look at their problems, their economic problems, their problems they face with just trying to pay the bills and then look at the candidates and evaluate to a great extent who they feel could help with their problems. So to a great extent, this an election about the problems of the nation and the problems of people inasmuch as it was a competition between Barack Obama and John McCain.

ROBERTS: Our exit polling yesterday found that the economy was the number one issue among just about everybody and it measured in the 50 percent to 65 percent range. I mean, would it have mattered who the democratic party was running, white, black, Asian, didn't matter because the democratic party is trusted by more people to handle the economy than the republican party?

MORIAL: Here is what I think. I think Barack Obama was able to do a number of things. One, he was able to stimulate young voters, African-American voters. I also believe he was able to reach out and to a great extent, as you reported, expand sort of the range of possibilities in terms of the people who were going to vote for him. This was not, "just a victory of a democratic party or the democratic candidate." I think it was a victory for a new type of coalition in this country, and I think Barack Obama represents the possibilities of sort of an America and a leadership style that may be less partisan and less divisive and more inclusive and unifying. I think people hope for that and I think they voted for that.

ROBERTS: Black voters historically have come out in less fewer numbers than white voters. Year 2000 it was 10 percent. I think the representation was about 16 percent in America, 14 to 16 percent. This year, it was 13 percent, are you pleased with what appeared to be a fairly significant increase?

MORIAL: It was our goal. Our goal was to have a strong turnout, commensurate with the proportion of the population that African- Americans represent, full participation.

And I think many people in the African-American community felt that there was something to vote for, there was a reason to vote. So the old cynicism, the old feelings of disenfranchisement, the old feelings of selecting between the lesser of two evils was less present yesterday.

Long lines, people crying. I went to the polls very early. There were lines. Lines were reported in early voting stations all across the nation. It's a big day and an important victory for Democracy. And what I'm hoping is that people are going to unify behind the new president. We certainly extend our hand to him, to work with him in the new Congress, to really chart a new course for the nation.

ROBERTS: All right. Well, good luck with that. We'll be watching very closely.

MORIAL: Thank you. ROBERTS: Marc Morial, it's always good to see you.

MORIAL: Thanks, John. Always, great.

ROBERTS: Kiran.

CHETRY: Just past the bottom of the hour and former Secretary of State Colin Powell says that wept as he watched Barack Obama's victory unfold in the presidential race. In an exclusive interview with CNN's Hugh Riminton, Powell talked about Obama's ability to reach out to all Americans.

Here is that entire interview.

(BEGIN VIDEO CLIP)

COLIN POWELL, FORMER U.S. SECRETARY OF STATE: President-Elect Obama did not put himself forward as an African-American president. He put himself as an American, how happened to be black, who happened to be African-American, and that ought to come after the title.

Because what he did in this campaign was to be all inclusive. To reach out across racial lines, cultural lines, religious lines, you name it. He wanted to be a transformational figure, to bridge the gap between generations. And I think that's what allowed him to win this election.

So, we're very, very proud to have a new American president, who also happens to be an African-American. And that very fact moves us so far along the continuum that African-Americans have been traveling for the last 230 years of our nation, and to the last 400 years of the existence of colonies in America.

And so I have to share in the pride that all Americans have now for the fact that America did this. And as I watched it, as I watched finally, one of the newscasters cut to the chase and said, he's won, it's over. Pretty moving moment.

HUGH RIMINTON, CNN ANCHOR: There was a tear?

POWELL: Everybody cried. And we saw all of the crowds in Washington, in New York, Chicago. Look what we did. Look what we did.

RIMINTON: And it hasn't worn off yet -- especially by the look on your face?

POWELL: No, no. No. I'm not ashamed of it. My family, my wife, my kids, everybody.

Whether you voted for Mr. Obama or not, you have to take enormous pride in the fact that we were able to do this. We were able to have a contest between two political parties, four different candidates, two on either side, competing in a typical American way, which is hard fought. You fight for your position. It's what our founding fathers intended. They wanted a clash of ideas. And from that clash of ideas, the people are informed and the people make their choice.

Now, the people have made their choice. And both gentlemen -- Senator McCain and President-Elect Obama, both say the same thing. This is now over. Let's come together. We are all Americans again. And let's pursue a new agenda. An agenda of transformation, an agenda of change. And let's get on with the challenges that we are facing and solve those challenges.

RIMINTON: For even one moment there, when you were watching that speech, did you think that could have been me?

POWELL: No, never. I made an informed choice some 13 years ago and I've never looked back at it. It was a correct choice for me and for my family. So, I am overjoyed that Barack Obama has succeeded.

RIMINTON: Would you serve in an Obama administration?

POWELL: Well, I haven't been asked and I'm not looking for service. I'm not looking for a job and I don't expect to be offered a job. I think I might be able to be of some use from the outside because of the experience I've had as a national security advisor, chairman of the Joint Chiefs of Staff and of Secretary of State. But, I'm not looking for a position and I do not expect to be offered a position.

RIMINTON: There were some McCain supporters who seemed to hold -- these are ordinary American, who seemed to hold a sincere view that an Obama presidency would make them less safe.

What would you say to address those fears?

POWELL: I think it was an unfounded concern. Why would an Obama presidency make them less secure? He knows the challenges we face. He sees our potential enemies. He also sees great opportunities in the world. He also sees the opportunity of working with our allies around our work. And yes, talking to those who are adversaries of ours.

But, he's as committed to the security of this nation as anyone else. And I think those fears were unfounded. I'm quite confident that he will surround himself with good, strong security advisors at State Department and elsewhere in the government and his national security advisor. And they will be very clear-eyed about the challenges we face and what has to be done.

RIMINTON: What do you think is the biggest problem, the biggest issue that he faces?

POWELL: Right now it's economics. The American people voted in this election to have something done about our economic situation. I think it's what shifted the election in the direction it did, in a very market way over the last four weeks. And that has to be priority number one for him.

Secondly, he has to restore a sense of confidence and optimism in the American people. And you saw that. It happened almost instantly this evening. It was more like New Year's Eve, it was more like millennium New Year's Eve, with people coming out in the streets in such a spontaneous manner. And he has to restore that sense of confidence and optimism with the international community, with respect to America. And I think he can do that very, very well.

RIMINTON: You served as a Republican. What should the Republican Party take now, out of this election loss?

POWELL: I think this is the time for deep introspection on the part of the Republican Party. They have to take a very realistic look at themselves -- we do. I'm a Republican. And see where we went wrong, where we aren't attaching ourselves to the hopes, dreams and ambitions of the American people.

Let's keep in mind that 48 million people voted for Senator McCain. So, it's not as if nobody voted -- 48 million Americans voted for Senator McCain and 52 plus voted for President-Elect Obama. And so there are still these different points of view. And I think for the Republican Party to move forward, it has to take a hard look at itself.

(END VIDEO CLIP)

CHETRY: Well, Powell says that Obama has the potential to be a great president and urges Americans to get behind him.

ROBERTS: Well, Senator John McCain's loss, the Republican Party must decide how to forge ahead now. Was the election defeated a referendum on Reagan-era politics? We'll ask the late president's son. Michael Reagan joins us, coming up.

You're watching the Most News in the Morning.

(COMMERCIAL BREAK)

CHETRY: Well, not only did Republicans lose the White House, Democrats increased their power in Congress. So, can the grand old party get back to its grand old ways? Well, Michael Reagan is the conservative radio host of the nationally syndicated "Michael Reagan Show." He joins me from Los Angeles, this morning.

Don't look so thrilled this morning. I know it was a tough one for you last night. But moving forward, what do you think?

MICHAEL REAGAN, ELDEST SON OF PRESIDENT RONALD REGAN: You know, it really wasn't that tough. It was really kind of expected. The Republican Party has lost its way. And this was a referendum last night really on George Bush, and the Bush administration and what the Republican Party has not done over the past eight years.

They need to get back to -- and you mentioned earlier, back to what Ronald Reagan stood for, lesser government, less taxes and move the country forward and really get into the 21st century and get out of the 20th century.

CHETRY: You say less government. And we're looking at that -- you know, staring down that $700 billion bailout bill and many other things we'll have to spend a lot of money on in the future because of the financial crisis.

Barack Obama has talked about the importance of getting government back on track. And he got an extremely large amount of the vote. He got -- in fact, the highest percentage of a Democrat since I believe 1964.

And so do people really want less government, or right now, in these uncertain times, do they want more of it?

REAGAN: Well right now, people don't trust government. And maybe Barack Obama might bring trust back to government. But they do not trust the Republicans, they do not trust the Bush administration,. And that's what happened to John McCain.

You know, the question being asked this morning on CNN, was Palin the reason that John McCain lost? No. Palin was the reason so many people probably voted for John McCain. It was George Bush, who I think caused John McCain to lose this election.

And right now when you talk about the bailout, you know, I don't think we would have been here had Ronald Reagan been in the White House. Most people don't agree with the bailout, what's happened. When you have AIG being bailed out to the tune of $85 billion and the shareholders get nothing, and AIG gets all the money. That is absolutely wrong.

And you know something? In order to solve the problem, Barack Obama is going to have to look at the Barney Franks, they're going to have to look at the Christopher Dodds, and the people in charge of the oversight on that side of the equation. If government isn't willing to look at itself, nothing's going to change in Washington, D.C. In the next presidency.

CHETRY: And what lessons can be learned by the Republican Party moving ahead into the future as they look to reclaim some House seats perhaps in 2010. But right now, they're really sitting on the sidelines of what's going to be a one-party rule in Washington.

REAGAN: Yes. And it's their fault, in fact, they are there. Barack Obama ran a brilliant campaign. He was on message the whole time. John McCain kept on looking for the message the whole time, talking about being a maverick. You have to offer more than being the maverick to get the American people to vote for you.

What's going to happen is, the Republican Party's going to have to really look within itself to find out where it went wrong. It knows where it went wrong and it needs to move forward and needs find out, OK, when we won, who were we? We were the party of Ronald Reagan. We've

really walked away from that party. We've gone sideways, we've gone everywhere but in the Ronald Reagan tradition. How do we get back? That's what they need to do. Get back and be able to have candidates who can, in fact, go to the young people in this country and relate to them.

CHETRY: You mentioned young people. I want to ask you this before we say good-bye. Because Ronald Reagan has so long been the standard bearer of what was good and what worked and what was inclusive. You know, he won by a landslide in 1984.

Who is the future Ronald Reagan for the GOP?

REAGAN: You know, that future person may not even be on the scope yet. That person will probably be found. But, they have to find themselves.

You know, Ronald Raeagan wasn't Abraham Lincoln, he wasn't George Washington. He was Ronald Reagan. He wasn't Barry Goldwater. There's somebody out there who will take charge and move this party forward. But they have to move it forward in Ronald Reagan's tradition. That's what they need to do.

CHETRY: Great talking to you this morning. Michael Reagan, conservative radio talk show host of "The Michael Reagan Show."

Thanks.

REAGAN: Thank you.

ROBERTS: So, we know who the next president is going to be. But, what about members of Congress? Still a number of undecided races to tell you about. We've got a look at the balance of power coming up on the Most News in the Morning.

(COMMERCIAL BREAK)

CHETRY: Well, it's time for this morning's quick vote question tally. We asked, did Governor Sarah Palin's inclusion on the ticket cause Senator John McCain to lose? Well, 82 percent of you said you thought yes. 18 percent, no. To everyone who voted, thanks. And we're going to ask a new quick vote question in the next hour.

ROBERTS: Despite what Michael Reagan just said, young people, a critical ingredient of the Obama victory. One young man can take a piece of the credit for getting young people of both political stripes out to the polls this year. And ironically, he's the one who wouldn't vote because he's not old enough. Noah Gray is a documentary film maker. His web site is virginvoting.org. That refers to people's first time getting out and voting. Noah joins me from Miami's Palmetto Senior High School.

Good morning, to you Noah. So, what do you think about what happened last night?

NOAH GRAY, VIRGINVOTING.ORG: Good morning. Well, I was on the campus of University of Miami. And everybody was just truly excited. I mean, it was a great moment in history no matter which candidate you supported. But, it was a great night and I'm glad we got the results a little bit earlier than the last couple elections.

ROBERTS: I'm telling you, for a junior in high school, you're spending an awful lot of time at that university.

Hey, you were at the election returns watching party last night. You put together a little piece for us.

Let's run that right now and take a look at what happened.

(BEGIN VIDEO CLIP)

GRAY (voice-over): As the polls closed here on the campus of University of Miami, students began gathering at the Ratskellar to watch the results. Their main source of information, CNN. But, many students also tracked the results on the internet.

As the night went on and Obama gathered more electoral votes, the excitement grew.

UNIDENTIFIED FEMALE: I am really, really excited. I mean, I'm kind of nervous because I'm not exactly sure who's going to win. But, I think it's going to be a pretty good result.

GRAY: But, it was only a couple of hours later until we were exactly sure who had won.

CROWD: Yes, we can! Yes, we can! Yes, we can!

GRAY: It was a room full of excited Hurricanes, many of them Obama volunteers, who felt that their work had paid off.

UNIDENTIFIED FEMALE: It's crazy. It's crazy, man. Look at me, I'm like crying. This is insane. You don't know. We worked so hard for this. It's incredible.

UNIDENTIFIED MALE: It feels great. It feels great to be alive during this historical election.

UNIDENTIFIED FEMALE: This is amazing. I can't imagine anything better.

UNIDENTIFIED MALE: Happy, amazing, I'm so proud to call myself an American right now. This is great. Our country is making great steps and this is just the first of them.

UNIDENTIFIED MALE: Life is worth it!

GRAY (on camera): What does it feel like to be part of history right now?

UNIDENTIFIED FEMALE: It feels amazing.

UNIDENTIFIED MALE: Feels like change. And it feels good.

(END VIDEO CLIP)

ROBERTS: Noah, were those pitchers of beer on those tables? And you're how old, 16? Now, what did you think of the enthusiasm? Because your whole Virgin Voting Project has been to get people excited about voting, whether they be Democratic or Republican it doesn't matter. Just to get people out to the polls, to try to -- you know, combat that lack of enthusiasm that young people have had for elections for so many years.

GRAY: I mean, when I started speaking with some young people and documenting the whole process. I'd probably say a year and a half ago.

In fact, then, there was a little bit more apathy. But, it's been waning on college campuses. And as you can see, everybody -- I mean, as it got closer to the actual election, people were more informed. They were looking up candidate's issues and they went to the polls and they made a decision that they got informed about. When I was speaking to people, it's more then -- they were concerned more about the issues than anything other.

ROBERTS: Hey, we should mention again, the part of the project was to get people to make little documentary films about their first time voting. They were supposed to send those in to YouTube.

How many have you received so far?

GRAY: I've received a couple. But, I'm glad that people actually went to the polls. And if you went to the polls and you have some sort of documentation of that, make a creative little video. If you don't, redo it, pretend you're voting and upload it to -- details are on virginvoting.com. You can win a $500 Apple store gift card.

ROBERTS: All right. We never want people to pretend when it comes to documentary film making, though.

Noah Gray, it's great to talk to you.

GRAY: But, make sure that they actually vote.

Good talking to you.

ROBERTS: All right, Noah. Thanks so much. Congratulations on your whole project. It's great.

CHETRY: Well, breaking down Barack Obama's win. Was race a factor in the race? We're going to talk with the California political legend, still ahead.

(COMMERCIAL BREAK)

ROBERTS: It's coming up now at 55 minutes after the hour. The fight for a Senate seat in Minnesota, still too close to call this morning. Both incumbent Republican Norm Coleman and Democratic challenger Al Franken, have 42 percent of the vote. Just a short time ago, Franken read a statement from Minnesota's Secretary of State saying that there would be an automatic recount.

(BEGIN VIDEO CLIP)

AL FRANKEN (D), MINNESOTA SENATE CANDIDATE: Let me be clear. Our goal is to ensure that every vote is properly counted. That the process dictated by our laws will be orderly, fair and will begin within a matter of days.

(END VIDEO CLIP)

ROBERTS: This will be the first recount in an awfully long time, since 1962, in Minnesota. But, it's not the only race that still remains undecided. We've got three of them on the state level. Take a look at this one. First of all, North Carolina. Barack Obama, leading John mccain 50 to 49 percent. A very, very small margin of difference there, about 22,000 votes. And that's why we're leaving that one, we're not calling it just yet.

We're also looking here at Indiana. Barack Obama ahead in Indiana, 50 percent to 49 percent. And again, a very small margin, about 23,000 votes there. And then one more race that we haven't called yet. This one looks like it could be going to John McCain. 50 to 49 percent, with again, a very, very tiny margin of difference in the votes. Just 6,000 votes separate them in Missouri.

Just shows you how close this whole election was. Now, in terms of Barack Obama's victory, there really are three keys to what took him over the line. First of all, let's take a look here in the state of Florida. This area here, the I-4 corridor that we talked so much about. He did very well there. He pulled off wins in Hillsborough County, in the Tampa area. As well as Pinellas County, St. Petersburg, here in Osceola County. And Orlando, which was just a very, very narrow victory for John Kerry, back in 2004. He only one by .2 percent.

Just to show you how much things have changed. Look at that -- that whole area was pretty much red except for the tie there and another very narrow victory in the St. Petersburg area. But, you know, just a couple hundred votes here or there. So, he did so much better here in the I-4 corridor than John Kerry did in 2004. And that's probably why Senator Obama won the state of Florida.

Here in Virginia as well, some pretty significant changes. In these two counties here, this is Loudon County, where Leesburg is. And this is Prince William County, where Manassas is. If we take a look at the overlay for 2004, that was all red. Barack Obama managed to change that blue. And isn't it significant too, that this is the area of all those historic Civil War battlefields in Virginia.

And one other point that we should make here. This in the state of Ohio. Let me just -- before I give this away, this was the result from 2004. Take a look at this county down here. That's where Cincinnati is. Let's pull it out for you and we'll show you. All right. Hamilton County, 53 percent to 47 percent. George Bush over John Kerry. Now, let's give you the '08 results. A complete flip here. 52 percent for Barack Obama, 47 percent for John McCain. It is probably Hamilton County that gave Barack Obama, Ohio. That was what really began to seal the deal. Florida, Virginia, just gravy on top of that -- Kiran.

CHETRY: Yes, that certainly was a turning point in last night's coverage when we saw that Ohio did indeed turn blue.