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CNN Saturday Morning News
Who Could Be the Next Treasury Secretary? Plus, Other Key Cabinet Positions Could be Announced Monday; President Bush in Peru Pushing for Global Economic Fix; Meteor Caught on Tape Sailing Over Canada; How to Dress to Impress for an Interview
Aired November 22, 2008 - 07:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
T.J. HOLMES, CNN ANCHOR: From the CNN Center, this is CNN SATURDAY MORNING for this November 22nd. Hello to you all. I'm T.J. Holmes.
MELISSA LONG, CNN ANCHOR: Good morning. I'm Melissa Long, in today for Betty, who is on assignment in California.
Here's a look at some of the stories we're working on for you this morning. Wall Street ending the week amazingly with a spark, that coming as news spread of who the president-elect might tap for the treasury secretary.
HOLMES: Yes. Investors seemed to like that. And also along with that, they're also talking about other key cabinet positions. Those could come from the transition team. We could get some announcements as early as Monday.
LONG: And this is one of the most intriguing images of the day. It's one of my favorite interviews we're going to be talking about.
HOLMES: Yes. It looks fake almost.
LONG: It had thousands in this community saying -- what was that?
HOLMES: It is my first time actually seeing that whole video roll.
LONG: Pretty (INAUDIBLE)
HOLMES: It looks fake. It does look like something out of a movie. But we will explain exactly what that was, coming up.
But we do want to start with issue number one: the economy, as we've been doing a lot over the past several weeks and months. The Dow bouncing back, actually, on Friday, after a two-day 10 percent loss, it bounced back to the tune of a 500-point gain that may have been fueled by the mere mentioned of one man's name. More on that man in just a second.
However, many experts believe Friday's strong showing won't lead to a prolong rally because, of course, the overall weakness of the economy is still pretty up (ph). LONG: The credit crunch is blamed for the closing of two banks in California yesterday. That brings the number of U.S. banks failures this year now to 22. Federal regulators are trying to free up more money for the struggling institutions. The FDIC is now guaranteeing as much as $1.4 trillion in bank debt.
LONG: And, again, stocks rally in the final two hours of trading on Friday after reports surfaced about Barack Obama's pick for the treasury secretary, Tim Geithner. You heard him? You never heard him?
Here's CNN's Allan Chernoff for the profile for you.
(BEGIN VIDEOTAPE)
ALLAN CHERNOFF, CNN SENIOR CORRESPONDENT: Tim Geithner is the president of the New York Federal Reserve. He's the Central Bank's point person for dealing with the financial markets, the banking system as well as Wall Street. So, he's been intimately involved in addressing the financial crisis.
He knows Wall Street. Wall Street knows him. But he's not a product of Wall Street as the current Treasury Secretary Henry Paulson, who is the former CEO of Goldman Sachs and has been criticized a bit for perhaps favoring financial firms in his approach to the bailout.
Geithner, on the other hand, has vast experience within government. He joined the Treasury Department back in 1988. He has worked under five different treasury secretaries within three administrations. He himself was the former undersecretary for International Affairs and he has lots of international experience as well. He's worked at the International Monetary Fund.
He has lived overseas, studied Japanese and Chinese, lived in Japan and China, and really an incredibly well-rounded resume, well- liked on Wall Street. You saw the reaction Friday afternoon as soon as word leaked out that he is the likely choice. The Dow Jones Industrial Average jumped 500 points.
Allan Chernoff, CNN, New York.
(END VIDEOTAPE)
HOLMES: Well, Tim Geithner just one of the names we've been hearing floating around for the Obama cabinet. CNN deputy political director, Paul Steinhauser, joins us now from Washington.
Paul, good morning to you, kind sir. We got some names, starting to filling in some blanks here. Let's start with Tim Geithner. Well, somebody seems to like him. Investors seemed to at least in the day yesterday.
PAUL STEINHAUSER, CNN DEPUTY POLITICAL DIRECTOR: Oh, boy, did they ever. You know, Ali Velshi, a smart guy when it comes to business, who has told me the markets kind of like to know what's going to happen. So, once the "Wall Street Journal" report hit the market, as Allan Chernoff is just saying, boy, they went sky high.
Geithner -- interesting. Yes, as Allan was just mentioning, president and chief executive of the Federal Reserve Bank of New York. He's kind of like the watchdog of the markets for the Fed. And, yes, he served under Bill Clinton. In the last couple of years of the Clinton administration, he was undersecretary of the treasury.
What we're hearing about him is that it could come -- sources are telling CNN that this announcement could come as early as Monday and that it would be him and maybe another big name from the economic team.
You could see there, born in 1961, just a little bit older than you and me, T.J., a couple of years.
HOLMES: Speak for yourself.
STEINHAUSER: Yes. OK, I'm a little older than you.
(LAUGHTER)
STEINHAUSER: Yes, we're hearing it could come as early as Monday. So, let's keep our eyes on this one.
HOLMES: All right. An important post there -- an important guy he could possibly be, but still not the most glamorous name out there, if you will. Everybody wants to know what's going to happen with Hillary Clinton. Word from the "New York Times" is that the thing was a done deal, that, in fact, she had accepted. She was going to be the next secretary of state. Her people came out and said, whoa nelly.
Help us through this pick. Some people are saying, why? Are these two going to knock heads? They differed on foreign policy during, you know, some of the primary season. And a lot comes with not just a Clinton, you get the Clintons, if you will. So explain this pick. Why it would be a good one? Why it would be a bad one?
STEINHAUSER: Yes, you're right. It is a package deal. Just for first, though, on the sourcing here -- yes, you're right. The "New York Times," they're a little bit ahead of other people at it. You know, we'll see if that's true or not true. Our sources are telling us she's -- it could happen after Thanksgiving, that things are moving forward.
Of course, her husband, as you mentioned, this past week stepped up and said he would do whatever it takes. He'll open his books. He'll tell everybody where he's going to be speaking. He wants to do whatever it takes to get any conflict of interest out of the way.
Hillary Clinton is a good pick and a bad pick. A good pick? She's known around the world. She was former First Lady. People know her. She's a dynamic pick. People are comfortable with her around the world. And also, eight years on Senate Armed Services Committee, she knows the issues.
A bad pick? Well, yes, you're right. There was a lot of differences. There was a lot of knocking of heads between her and Barack Obama on some crucial issues during the primaries. They didn't agree on unconditional talks with rouge world leaders. And they didn't see eye-to-eye and he definitely criticized her about her vote on the Iraq War. Since then, though, there's been kind of less daylight between the two of them when it comes to the major foreign policy issues.
And you know, maybe it's a good thing you don't have "yes people" around you, maybe it's a good thing for a president to have people who will disagree with you.
HOLMES: Yes. And tell us, too, Paul, and just quickly, and you know, it's out there. What would this mean? A lot of this is speculation. But what would it mean about -- and what would tell us about any future White House aspirations she might have if she decided to serve in an Obama administration?
STEINHAUSER: Well, yes. I guess you're talking eight years down the road because you would assume that Barack Obama would run for reelection in 2012. And he wouldn't be challenged, at least, among the Democrats. So, in eight years, well, I mean, it would add to her resume, T.J.
HOLMES: Yes.
STEINHAUSER: She's been a senator, a former First Lady, and then you'd add Secretary of State. But that's a long way away. I don't even want to think about that yet, T.J.
HOLMES: You don't even want to think about that yet.
STEINHAUSER: No.
HOLMES: And they're not going tell until after Thanksgiving. So, we got to keep chatting about this stuff around over the next week or so and over the turkey. Another name, though, here quickly -- Bill Richardson. Another name being floated about, commerce secretary, but maybe not, maybe some other things as well. What are we hearing?
STEINHAUSER: Yes, you know, at first, Richardson was up for state. Everybody was talking about Richardson for State. But, obviously, that's not going to happen with all this talk about Hillary. Yes, a commerce secretary. Richardson, of course, is governor of New Mexico. He ran as well in the primaries, former Clinton Energy Secretary and U.N. Ambassador. And he was member of Congress.
And, yes, he endorsed Obama after he dropped out of the primaries earlier this year. They're talking about commerce, but they're saying, wait, there will be another job as well. Remember, he's Latino. There's probably a lot of pressure for Barack Obama to name a very high-profile Latino or Hispanic to the cabinet. So, yes. And he's 61, T.J., a little bit older than you and me as well.
HOLMES: Thank you for throwing that in once again. Paul Steinhauser, we're going to see you again -- excuse me. Excuse me. See you again next hour. We're going to be talking about the Obama daughters, actually, as they pick their school.
STEINHAUSER: You got it.
HOLMES: Excuse me -- I'm going to get this under control and talk to you in a little bit. See you, Paul.
Well, if you want the latest on the Obama cabinet buzz and the transition to power, you can always go to our Web site: CNNPolitics.com.
LONG: And also, news this morning, at least five Taliban and al Qaeda fighters have been killed in a suspected U.S. missile strike in Northwestern Pakistan. That attack was in North Waziristan. It's an area known to harbor al Qaeda and Taliban fighters. There are unconfirmed reports this morning the strike killed a British suspect in a foiled plot to bring down passengers jets over at the Atlantic. He escaped from Pakistani custody last year.
Instead of sitting back and enjoying his final days, President Bush is in Peru today pushing for a global economic fix. CNN's Juan Carlos Lopez is traveling with the president and has this story from Lima.
(BEGIN VIDEOTAPE)
JUAN CARLOS LOPEZ, CNN EN ESPANOL CORRESPONDENT (voice-over): Usually, not much is expected to be accomplished during in an international trip by a lame duck president. But this White House would beg to differ.
DANA PERINO, WHITE HOUSE PRESS SECRETARY: Every meeting or foreign trip the president has gone on this year has been called his farewell tour. And some people thought they would never see him again and then look at the G-20, we had everybody here.
LOPEZ: Nine out of the 20 countries at last weekend's global economic crisis in Washington are APEC members.
The goal this weekend is to bring the other leaders on board.
STEVEN SCHRAGE, CTR. FOR STRATEGIC & INTERNATIONAL STUDIES: The best we can hope for at a broad level are strong statements in support of the G-20 process, strong statements in support of open markets, and fighting protectionism.
LOPEZ: The summit takes place in Lima but the emphasis is definitely on Asia. President Bush joining (ph) leaders of China, Japan, and South Korea in a two-day period, although he isn't the only one looking to the east. Peru, the host country, just signed a free trade agreement with China, evidence of a greater Chinese presence in Latin America -- the challenge for president-elect Barack Obama.
CARLOS ADRIANZEN, ECONOMIST: If he fails to wake up the American economy, a very sharp (ph) for their recession, he is going to lose a lot of time politically speaking, because another players are going to develop a bigger role in the summit. LOPEZ: But member countries will be hard pressed to just sit and wait out the two months before Obama takes office. So, for now, they will deal with President Bush.
(END VIDEOTAPE)
LONG: We will be talking live with Juan Carlos just next hour just before President Bush addresses the world leader at that APEC summit in Peru.
HOLMES: All right. Sounds like a movie. A huge fireball. I think we have all of these end of the world movies we see, but a huge fireball hurling towards the earth. This is the real deal folks, this happened and it was actually caught on tape. We'll explain this picture, just ahead.
LONG: Plus, this meltdown in the auto industry hitting home now for workers on the assembly line. Instead of revving up, one plan is shifting into neutral.
(COMMERCIAL BREAK)
REYNOLDS WOLF, CNN METEOROLOGIST: We're coming to you from outside, Turner Field in Atlanta, Georgia, where temperatures this morning are mainly into the 20s. We are here for an e-recycling event. We're going to talk all about that this morning, to a good part of the day. For the same time, in upstate New York, we're talking also about Syracuse, Buffalo, even into Erie, Pennsylvania. The story is the cold. It's also the snow, where some places could see up to a foot of snow through the weekend.
That and more -- coming up right here on CNN SATURDAY MORNING.
(COMMERCIAL BREAK)
HOLMES: OK.
LONG: Very appropriate music.
HOLMES: I get it. Who sings that song?
LONG: Tom Petty.
HOLMES: Who?
LONG: Tom Petty?
HOLMES: Tom Petty?
LONG: No?
HOLMES: Sorry. Really? Yes?
LONG: Right?
HOLMES: Is that right? LONG: Yes? OK.
HOLMES: I'm sorry. Excuse us.
(LAUGHTER)
HOLMES: They're like, yes, you idiot. All right. Well, we do have some video we want to show you, a giant fireball lighting up the evening sky at hurdle towards Canada.
LONG: A pretty spectacular video, too.
HOLMES: Yes.
LONG: Scientists are confirming it was a meteor and two men at the right place at the right time in Alberta caught it all on tape. Catherine Hillerud from our affiliate Global TV Edmonton has the story.
(BEGIN VIDEOTAPE)
ANDREW BARTLETT, SAW THE METEOR: I don't know what the hell that was.
CATHERINE HILLERUD, GLOBAL TV REPORTER (voice-over): Andrew Bartlett can't believe his luck. He can't stop watching the video he just happened to capture of a falling meteor over our city.
BARTLETT: Boy, it was something unbelievable. One in a million chance that I'd be standing here looking at it.
HILLERUD: Andrew was trying to take a picture of planes flying into the airport...
BARTLETT: When all of a sudden, out of the corner of the camera, comes this flashing light, just a bright light. And I just held the camera there and it just disappeared.
HILLERUD: Adam Baxter, a police officer and driving with a dashboard camera captured a similar sight.
ADAM BAXTER, SAW THE METEOR: I'm pulling away from the curb and this bright light shot straight across the sky. And first thought was and that's towards the airport so it might be an airplane.
HILLERUD: But it wasn't a bird or a plane. Experts are confirming it was a meteor.
BRUCE MCCURDY, ROYAL ASTRONOMICAL SOCIETY OF CANADA: This one was bright enough that there's a decent possibility that there could be an actual fall of meteorites somewhere to the east of us.
HILLERUD: And that has scientists, even general observers, excited.
MCCURDY: Certainly, we're hopeful that one came down and we're very hopeful that it came down in a nice, safe place in a farmer's field or something where it can be recovered.
HILLERUD: Whether meteors are collected or not, from those who saw it, like Global one chopper pilot, Slade Smith (ph), it was a special sight to see.
SLADE SMITH, GLOBAL ONE CHOPPER PILOT: Oh, yes. Definitely once in a lifetime, that's for sure.
BAXTER: It's pretty cool. It's something you're not going to see everyday, that's for sure.
Catherine Hillerud, Global News.
(END VIDEOTAPE)
HOLMES: All right. We want to go out to our meteor guy, meteorologist, Reynolds Wolf.
Reynolds, I'm going to have to put you on the spot. I didn't know this. I want to see if you know it, we were told, at least, the difference between a meteor and a meteorite.
WOLF: The difference between a meteor and a meteorite...
LONG: He's thinking about it, he's delaying it.
WOLF: A meteor is one that's still in space. A meteorite is when it actually drops through the atmosphere.
LONG: Impressive.
HOLMES: Wow.
WOLF: Once it goes to the atmosphere -- boom -- meteorite.
HOLMES: Wow.
LONG: That's impressive.
HOLMES: That is why he is called a meteorologist.
WOLF: You're impressed, aren't you?
LONG: I love that.
HOLMES: Very nice, Reynolds.
LONG: Reynolds, that was (INAUDIBLE), thank you.
WOLF: Exactly.
HOLMES: Good morning to you, sir. What you got going on out there?
WOLF: Well, I mean, this is a great event. This is an e- recycling event. We're right behind, you see a bunch of semi-trucks, the beds, or at least the beds, anyway, the trailers. They're empty for the time being, but later on today, we're going to have a huge recycling event. We're going to tell you all about all the great things done.
But, we're also going to talk about the cold weather that's gripping a good part of the nation. At least the eastern third of the nation, temperatures are very chilly. We're also going to talk about some snow. Let's go right to the weather maps. The first in the weather map you're going to notice, up on the Great Lakes the story is going to be the snow. At times, it could be very heavy.
In the weather map, again, you go from, say, Buffalo back over to, say, Erie, Pennsylvania, even along M-Street in Syracuse, Melissa is very familiar with Syracuse University, of course. Heavy snow there through Sunday, they could see up to a foot of snow.
In the southeast, high pressure is going to be a dominating feature. Plenty of sunshine but still very chilly this morning. Some scattered showers possible in the eastern coast of Florida and then back out into the Rockies. High pressure through Colorado, very dry conditions. But when you get into the Northern Rockies, back up into the Wasatch Range, look for a chance of snow. Also in the Northern Cascades, same story.
California, everything is just fantastic with the exception of some heavy fog right in parts of the southern half of the San Joaquin Valley. As we go forth with the map, take a look at the next one. It's going to show some temperatures that we have this morning. In Atlanta, again, we got temperatures into the 20s but no worries. We're warming up to a balmy 49 degrees; 60 in Denver; 51 in Kansas City; 35 in Minneapolis, New York and Boston mainly into mid to low 30s; Toronto, 26, that's Fahrenheit, not Celsius; and Houston, 65, with slight chance of scattered showers.
That is a look at your forecast. Again, we're going to be talking about e-recycling coming up and throughout the morning. But for now, let's send it back to you in the nice and warm studio.
LONG: And it is so chilly out there. I can't believe how cold it's been so early in the season down here in the south.
HOLMES: Yes. It gets cold. It's hotlanta but it gets cold in Atlanta.
Reynolds, I know we're going to be talking to you plenty. You got a few folks line up you're going to be chatting with. We'll see you again soon, buddy.
WOLF: You bet.
HOLMES: Now, it's OK for Reynolds out there, given the environment he's in not to have a tie on.
LONG: Absolutely.
HOLMES: Yesterday, I actually anchored a show without a tie, Melissa.
LONG: What happened? You forgot it?
HOLMES: I didn't forget it. John Roberts now set a new standard. I don't know if you've been watching "AMERICAN MORNING."
LONG: On the morning, yes, sure.
HOLMES: He's going without a tie for a couple days. It's not only the best way to go.
LONG: So, you're a copycat.
HOLMES: Yes. We've been copycatting John Roberts for a long time, for years.
But when do you wear a tie, when do you wear a suit, we're supposed to have cuff links on -- all kinds of things like that.
LONG: Should the ladies wear pantsuits? Should they wear...
HOLMES: Yes.
LONG: ... a pantsuit rather, or a skirt when they go in for an interview? What's the best way to impress because if you impress them to get the interview, how you impress to get the job?
HOLMES: Once you get there.
LONG: Yes. We're going to talk about that coming up.
HOLMES: All right. Stick around. We got some advice for you on CNN SATURDAY MORNING.
(COMMERCIAL BREAK)
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: Dinner tonight?
UNIDENTIFIED FEMALE: No, (INAUDIBLE).
UNIDENTIFIED MALE: How about tomorrow? I'll be back around eight.
UNIDENTIFIED FEMALE: I can't. I don't think that we should get involved that way.
(END VIDEO CLIP)
LONG: Remember that movie? That was "Working Girl." Believe it or not, 1988. Twenty years later, business attire has certainly changed. Forget those three-inch thick shoulder pads, thank goodness. Yet, the power suit does live on, and the name really says it all, power suit. With the unemployment rate at a 16-year high, a little power isn't bad thing when you go in for that interview. Yet, what do you wear? Pinstripes, basic black? What is the winning look?
To give us some help this morning, Suzanne Riss, is editor-in- chief of "Working Mother" magazines. She joins us live from New York.
So nice to see you. Thank you. Good morning.
SUZANNE RISS, WORKING MOTHER MAGAZINE: Good morning.
LONG: So, obviously, if you get to the point where you have had the interview, you've impressed them enough with your expertise and with your resume. So, when you walk in, what type of outfit should you be wearing to make that ideal first impression?
RISS: Well, the first thing you want to do is research the corporate culture because you really want to have an outfit that when you walk in the door for the interview, you look like you fit in. You also want to give yourself plenty of time. You don't want to be scrambling the night before the interview, trying to put together the right outfit. Make sure you have time to get it tailored, to get it pressed, to get the right accessories.
All that said, you do want to take your cues from your employer. And there are definitely some dos and don'ts.
LONG: OK. When you're taking your cues from your employer, obviously, you have to figure out, am I going to work in banking or am I going to work in advertising. I would assume a little more creative in the advertising agency.
RISS: Absolutely. You aren't restricted in terms of color or style so much. But the sure bet winner is the tailored suit. And that's really what's making a comeback.
LONG: Suzanne, we've watched a lot of fashion on the campaign trail for the last year, year and a half with Governor Palin, Cindy McCain and the incoming first lady. Can you take cues from them?
RISS: Absolutely. A lot of women take their cues from women in power who were successful. And certainly Michelle Obama has a very signature style. She doesn't wear the suit. She prefers the clean lines of a dress.
Her style is very youthful. And it would be very appropriate for the advertising industry and for the more creative fields. She always looks polished and has a very professional look. And that's what you're going for.
LONG: How can you keep the professional look without spending a lot of money now? Is it about a few pieces in the wardrobe? Is it about the shoes? The bag that you carry?
RISS: Well, actually, the classic tailored suit is available now in stores like J. Crew and Banana Republic, and at very affordable prices. And then you can accessorize depending on the industry a little more or a little less. Add a little color. Add a bag with some color if you're in a more creative industry. So, the price points are reasonable and they're out there.
LONG: What if you can't afford to go shopping right now? You find yourself out of work. You need work. What about going shopping in your own closet? What can you look for?
RISS: What you're looking for is a suit that will not distract or overpower you. You want to look and put together and clean, simple lines. So you want to stay away with anything that's too tight, too boxy, too much of a print, a big pattern, lace, fabrics that are going to be distracting. The simplest bet is really the best. So, if you have the gray, the blue, the pinstriped suit, you want to pull that out of your closet.
LONG: And just one last thing -- I'm in a sweater, you are in short sleeves. We're OK right now but not for that first interview.
RISS: Absolutely. You have those few minutes to make the first impression. You want it to be as strong as possible. So, you do want to go for the classic suit. If you have it in your closet, all the better.
LONG: Suzanne Riss, editor-in-chief of "Working Mother" magazine -- Suzanne, thanks so much. Nice to see you. Have a terrific weekend.
RISS: Thank you, too.
LONG: OK.
HOLMES: Suzanne, were you saying that Melissa is dressed appropriately? Is that what she was saying? Is Melissa still with us?
LONG: Not appropriate for an interview.
HOLMES: Well, appropriate for TV even? What about for Saturday morning television? (INAUDIBLE).
LONG: Well, she didn't say anything about that.
HOLMES: All right.
LONG: I was actually going to comment on her lovely necklace. It was beautiful. But I wonder if that would be too distracting for the first interview.
HOLMES: This has gone too far now, I think, Melissa. I'll stop now.
Well, we're talking about clothes and shopping. It is that season, it's holiday shopping season. And, you know, things are tight. The retailers out there are really trying to lower those prices to get you in so that they can get to the block (ph) this holiday season. So, whether you're a bargain hunter or impulse buyer, we'll show you ways to spend less and to get a whole lot more.
Stay here.
(COMMERCIAL BREAK)
HOLMES: New this morning, President-elect Barack Obama outlining his plan to create jobs. We have some details of his new proposal.
LONG: Also, when is the best time to begin your holiday shopping? We're going to hear from one retail expert this morning.
Good morning. I'm Melissa Long, once again, in for Betty.
HOLMES: And, hello again to you all. I'm T.J. Holmes. Glad you could be with us.
The economy on the minds of a lot of people these days, including President-elect Barack Obama. In his Democratic radio address which can be seen on this Web site. Obama outlined his two-year plan for creating 2.5 million jobs.
Listen.
(BEGIN VIDEO CLIP)
BARACK OBAMA (D), PRESIDENT-ELECT: We'll put people back to work, rebuilding our crumbling roads and bridges, modernizing schools that are failing our children, and building wind farms and solar panels, fuel efficient cars and the alternative energy technologies that can free us of our dependence on foreign oil and keep our economy competitive in the years ahead.
(END VIDEO CLIP)
HOLMES: Obama says the plan is not just focusing on solving the immediate crisis, it's a long-term investment in the country's economic (AUDIO BREAK).
Senator Chris Dodd, a Democrat, says Barack Obama needs to do more and do it now to help save the auto industry. Dodd says the president-elect can't wait until January 20th, Inauguration Day, to get involved. Obama has been involved to some extent, talking to congressional leaders and calling in to meetings. But Senator Dodd who chairs the Senate Banking Committee is urging Obama to take a bigger stake in the situation now.
LONG: And the president-elect and Democratic congressional leaders supporting some kind of financial aid system for the Big Three automakers, but many Republican leaders suggest bankruptcy may be best.
This week, Congress heard from the troubled three who are asking for a total of $25 billion in taxpayer funds to keep them afloat until 2010. It's a key date because that's when Ford, Chrysler, and General Motors are slated to start saving money on healthcare coverage for retirees, also the year when car sales are expected to pick up. If the auto industry doesn't find some way out of this mess, what is the cost -- 1.6 million jobs could be lost: 266,000 employees work directly for the auto companies, another 740,000 come from the auto dealership that would be out of business, another 610,000 auto supplier jobs would be impacted.
And if there is really one topic that had a lot of people talking at the office, sending us e-mails, it is money. Everyone has an opinion about the potential auto industry bailout, especially our iReporters.
(BEGIN VIDEO CLIP)
ROBIN SAVAGE, IREPORTER: I do not support this Big Three bailout plan. I feel it's just another ploy on behalf of the auto industry to take more money that they probably don't even need from the American taxpayers.
(END VIDEO CLIP)
(BEGIN VIDEO CLIP)
KEVIN NEUGEBAUER, IREPORTER: OK, Big Three, here's our deal, take it or leave it. You get a bailout and you get the help that you need under one condition, you shut down all plants that are not in the U.S. and bring those jobs back and give them to the American people. If you do that, then you can have your money.
(END VIDEO CLIP)
(BEGIN VIDEO CLIP)
JOHN DULAC, IREPORTER: As much I'm against using taxpayer dollars to bail out private industry, I think it's important that we do it in this case. With strict rules and regulations and new emission standards that force the auto industry to retool their manufacturing line, produce more fuel-efficient cars, and create sustainable solutions to the driving pandemic.
(END VIDEO CLIP)
(BEGIN VIDEO CLIP)
JACK QUAVIS, IREPORTER: OK, let's talk about the auto bailout. The Big Three need to get bailed out, they come to our government for billions and billions of dollars. You know what I say? Let the oil companies do it. Let the Big Three go to the oil companies begging for money. Let's face it, if it wasn't for the auto industry, the oil companies wouldn't be as big as it is.
(END VIDEO CLIP)
LONG: Proposals and opinions from our iReporters. The cars are just American as apple pie. And so, when the industry is hurting, we're all feeling it. We want to know how your family is feeling it, how your community is being affected. Tell us your story by going online. Go to iReport.com and submit your videos.
HOLMES: Well, of course, the financial meltdown of the Big Three U.S. automakers is hitting home across towns, across this country. A General Motors plant in Western New York announcing this week it is extending holiday layoffs.
Mylous Hairston of affiliate WIVB reports to the economic fallout in the town of Tonawanda, New York.
(BEGIN VIDEOTAPE)
MYLOUS HAIRSTON, WIVB CORRESPONDENT (voice-over): The news keeps getting worse. General Motors is extending its holiday shutdown.
VOICE OF KEVIN DONOVAN, UAW ASSISTANT DIRECTOR: It is going to affect the plant here in Western New York.
HAIRSTON: He's talking about the powertrain facility in the town of Tonawanda. The impact could be felt here as soon as December 8. Among the moves, some production lines are expected to be reduced to one shift. UAW Region Nine assistant director, Kevin Donovan.
DONOVAN: The company, the management there has notified the workforce that there is a possibility that in the second week in December, they could be shut down until completely the entire New York operation until after the holiday.
HAIRSTON: Donovan said that could happen by mid-December. Meanwhile, with the nation's unemployment at its highest level in nearly two decades, President Bush signed a measure extending unemployment benefits for several weeks. Wall Street rallied even though many investors have serious questions about the financial help of banking giants like Citigroup. And with consumers holding onto their money, there is concern about the upcoming holiday season and people waiting for better deals.
MIKE LOMAS, FINANCIAL ADVISER: It's deflation. And deflation is sometimes scarier than inflation. And you think, how could that be that prices are getting cheaper?
HAIRSTON: Financial adviser Mike Lomas believes people who don't spend are actually hurting the economy. Here's why...
LOMAS: If people are waiting to make a purchase, then they're not making a purchase, and that means companies aren't making money, it's hurting the earnings of those companies, and they start to layoff people to make up their profit margins.
(END VIDEOTAPE)
HOLMES: Yes, everybody is looking for those Black Friday bargains, trying to outpace the black and blue bruised economy. So many layoffs we've been seeing out there as well. The markdowns have been going on for weeks now. Retailers are waiting for the day after Thanksgiving as normal. But, is that going to translate into better deals for you? Lisa Freeman from Shopsmart.com weighs in this for us from New York.
Lisa, good morning to you, kind ma'am. Good to see you this morning.
LISA FREEMAN, EDITOR-IN-CHIEF, SHOPSMART.COM: Good morning.
HOLMES: You know, we just heard in that piece there, you know, retailers are going to have to mark things down. They always do around this time. But this is the time they're trying to get in the black. What, first of all, is this going to mean for retailers? Are we starting looking for just a tough, tough season for them?
FREEMAN: Oh, it's going to be really tough. But we just did a survey, a consumer report, "Shopsmart" magazine is actually show this consumer report. And we just did a survey and we found that there actually going to be more people shopping on Black Friday this year than last year. People are really looking for those deals. And Black Friday is a great day to go shopping because that's when retailers are trying to reel you in with what they call "door-busters." These are loss leaders for the stores and they could really benefit you as consumer.
HOLMES: Now, are people, even though -- you say more are going to be out there. But, you know, do people have the money to spend?
FREEMAN: Well, people have a lot less money to spend. And the consumer is frozen. People are afraid to spend money. That said, though, people are still going to be out there buying gifts. And there are going to be tremendous deals to be had this Christmas season.
HOLMES: Where are those tremendous deals going to be? Is it going to be in electronics, in the games, in the toys, in the grown man toys? You know, we like our toys as well. In clothing -- where it's going to be?
FREEMAN: All of that.
HOLMES: All of that. All right.
FREEMAN: And some of the biggest deals are going to be in televisions and those new Blu-ray players. A lot of people are looking at those to upgrade their DVD players and the prices have like come down dramatically. So, you can get great deals on those. You can get them for a couple of hundred dollars now.
HOLMES: Do you recommend people do go for the door-busters on Black Friday. Often times, we've seen in past seasons of tough economic times, people will wait until the very last-minute, the very last week saying, I'm not going to buy anything until they drop that price to said mark. So, will we see that again? Do people need to wait the closer they get to Christmas and wait for those deals to drop or Black Friday is going to be a time to go out there and get it?
FREEMAN: Everybody is asking me that question.
HOLMES: Yes?
FREEMAN: You know, Black Friday is actually -- like I said, these door-buster deals are really tremendous. The retailers aren't making money most of the time on those deals. They're using them to bring you in. That said, there is a cost to you. You may have to wait online in order to get those deals.
But I have to say, if you don't go out on Black Friday, you're definitely not going to be missing out on deals. We're going to be seeing tremendous markdowns from here on until Christmas Day.
HOLMES: All right. Last thing here: Online shopping -- is that going to be a big deal as well and is that a place you can get just as good or even better deals?
FREEMAN: Absolutely. And more people are going to be shopping online. You don't have to go out. You can get great deals online. The place to start is to go and look at coupon sites, get coupon codes wherever you're shopping. Google the word "coupon code" and the retailer's name, also go to price comparison Web sites like Pricegrabber.com. Really do your research.
Also, go to the retailers Web sites. A lot of times, they have exclusive deals on their Web sites that you won't see in the stores. So, check it out.
HOLMES: Well, Lisa Freeman, again, of Shopsmart.com, we appreciate the advice. I know a lot of people do appreciate the advice. Tough times for a lot of folks there looking for deals anywhere they can get them. But thank you so much. And you enjoy your holiday next week.
FREEMAN: You're welcome. You, too.
HOLMES: All right. Melissa?
LONG: Overcoming Hurricane Katrina. New Orleans is still under siege. We're going to peek now with a homicide cop in a place that seems more like the Wild, Wild West than the Big Easy.
(COMMERCIAL BREAK)
HOLMES: An Arizona prosecutor wants to drop one of the two murder charges against an eight-year-old. Police charged the boy earlier this month with the shooting death of his father and another man. They actually want to drop the charge that's been killing his father, haven't really said why because of a gag order right now. But they could go back possibly and recharge him for that same murder later on.
Police say the boy confessed to the killings during an interview. Police have released the video of that interview. Attorneys for the boy argue he should not have been questioned without a lawyer or a family member present. LONG: T.J., if you go strictly by the numbers, New Orleans is one dangerous place to live. Last year, in fact, it had the highest murder rate in the country. And it could end up with that very same dubious title this year.
That is where this story begins with CNN's Soledad O'Brien.
(BEGIN VIDEOTAPE)
SOLEDAD O'BRIEN, CNN SPECIAL CORRESPONDENT (voice-over): April 17th: Brian McEwen (ph) is murdered in broad daylight just one block from an elementary school. He had just turned 20.
On a big case like this, lead detective Harold Rashan (ph) and his partner, Anthony Pardo (ph), can expect to work a 30-hour shift.
UNIDENTIFIED MALE: The item number for the signal 30.
O'BRIEN: Signal 30, cop lingo for homicide.
UNIDENTIFIED MALE: He was shot multiple times.
UNIDENTIFIED MALE: Got it. Here we go.
O'BRIEN: There are witnesses, and plenty of evidence. AK-47 and 9-millimeter pistol rounds are scattered across the crime scene.
UNIDENTIFIED MALE: Whoever finds him first, we just got take him down.
O'BRIEN: Detectives Rashan and Pardo hope to make an arrest tonight. They go house-to-house in search of a murder weapon.
UNIDENTIFIED MALE: Could be a crack house, that could be a crack house.
UNIDENTIFIED MALE: Police.
UNIDENTIFIED FEMALE: Police.
O'BRIEN: Open doors lead nowhere. Around 3:00 a.m. -
SGT. JOSEPH CATALANOTTO, NOPD HOMICIDE: It's over for tonight.
There are specific things that we need to do that can't happen tonight. It can only happen in the morning, and so we go home and refuel.
O'BRIEN: Rashan and Pardo run into a wall of silence.
(on camera): So, how many eyewitnesses would you estimate you had on this block?
UNIDENTIFIED MALE: For the information we received, that's probably maybe 15 people outside, 20 people.
O'BRIEN: Fifteen, 20 people?
UNIDENTIFIED MALE: Nobody will say anything.
O'BRIEN: Really? What do they tell you?
UNIDENTIFIED MALE: Didn't see anything.
O'BRIEN: Why do you think they are reluctant to talk?
UNIDENTIFIED MALE: Fear.
O'BRIEN: Yes. Retaliation?
UNIDENTIFIED MALE: Absolutely.
(END VIDEOTAPE)
LONG: The odds stacked against them, a mission too important to fail. You can find out what happened when CNN presents this evening "One Crime at a Time," tonight and tomorrow night at 8:00 and 11:00 Eastern -- T.J.
HOLMES: All right. Well, we're gearing up for a gala honoring ordinary people making extraordinary differences in the world, preparation is under way at the Kodak Theater in Hollywood for CNN Heroes, an all-star tribute. The program tonight honors the top 10 CNN Heroes of 2008. We've been showing you those stories of our CNN Heroes throughout the year.
My co-anchor is not here this weekend because she will be at that gala. She will have a preview live from Hollywood in our 10:00 hour, 7:00 Pacific, not specific, Pacific specifically. Yes, also, Betty is not there just to do a little work, she's actually there to be honored herself. Now, we have our CNN Heroes out there but she is one of our internal CNN Heroes.
You know, she's showing you this for the past couple of years. She goes out and does this trip to Vietnam, her home country. She was chosen as a CNN Hero for her Help the Hungry Program that provides humanitarian assistance for families in Vietnam. Something she does every year, and comes back and shares those stories with us.
So, we'll get to chat with her a little bit this morning out there in Hollywood. So, she's a hero as well as amongst our ranks here at CNN.
LONG: Some terrific work for Betty.
HOLMES: Always, yes.
LONG: And, you know, all of our heroes that we're honoring individuals doing extraordinary things and so humble about it.
HOLMES: That's the fun thing about it, they are ordinary folks, they are ordinary folks nominated. So, Anderson Cooper, you see him there, he's going to be hosting it. More than 1 million of you vote it for the Hero of the Year. And you can find out exactly who the winner will be when the all-star tribute hosted by Anderson Cooper airs on Thanksgiving night.
LONG: As you're digesting.
HOLMES: Yes. You're just...
LONG: Flopped in front of the TV.
HOLMES: Lay your back (ph). And I know we will rerun it several times if you happen to fall asleep while the turkey in you.
LONG: Yes.
HOLMES: But still, you can catch it on Thanksgiving night.
Well, America's Big Three automakers could be headed for a high- impact crash if they don't get some financial help soon.
LONG: And there is a side effect as well that you my may not have thought about yet.
(COMMERCIAL BREAK)
HOLMES: All right. Bailing out the Big Three U.S. automakers. Whether they get the cash from the U.S. government or not, the way we watch some of the biggest sporting events may be changing. Our sports business analyst and friend for our show here on CNN SATURDAY MORNING, Rick Horrow joins us now.
Rick, connect this dots for us. Chrysler, Ford, G.M., how could this affect how we're watching sporting events?
RICK HORROW, CNN SPORTS BUSINESS ANALYST: Here's the dot to be connected. This used to be the -- and now this and now that, that's the dot. Everybody is worried about the dollar. As it relates to the Big Three in the auto industry, $1.1 billion spent last year by that industry in sports.
Cut, G.M., for example, $800 million or so, no more U.S. Olympic Committee sponsorships. No more Super Bowl ads, eleven of them last year. Golf tournaments, slashed. Cadillac, by the way, no longer a Master's sponsor. That is huge. The only ones who seem to be safe are the final four next year. Why? Because it's in Detroit.
HOLMES: Good point there. But even if they start cutting this money back, will this affect some of these leagues? Will it affect what we see? These things will still go on. I mean, of course, the events will still go on, but what does this mean, I guess, for those leagues, for those -- like you say, for the PGA tour, for all that stuff if they don't have those dollars?
HORROW: Well, some would say, in short term, there's this whole lot of economic downturn you got to compensate for. Long-term, we would hope that it causes these industries to be lean and mean -- NASCAR eliminating their testing program, for example. So, they're figuring out how to compensate. When the economy turns around, whenever that is, I think, sports is healthier for this but don't tell anybody that now.
(LAUGHTER)
HOLMES: Yes. Let's turn to -- you know, some are trying to help out, a lot of people trying to help out in these tough times and some sports teams recognizing that their fans are struggling and trying to help out. This is a cool story.
HORROW: A really cool one. New Jersey Nets have decided that if you're unemployed and you want to submit your resume to them, they'll give you free tickets, also help you find a job. Twelve hundred of these resumes have come in. And they distribute them to their 120 sponsors, corporate partners and friends. Now, we just have to find jobs for them to fill.
HOLMES: That is an interesting way to go about it. An interesting character, we want to turn to now -- kind of a bad boy in basketball, if you will. Mark Cuban, I love him, I hate him, but the guy, the bigger than life personality. Talk of him possibly wanting to buy the Chicago Cubs if he's going to be let into that ownership group in Major League Baseball.
Well, now he's been accused of insider trading. Tell us how serious of a charge this is against him right now and also what this could mean for his chances of getting the Cubs?
HORROW: A lot of pundits read this week about the end of the world as we know it, but let's remember -- this is a civil charge. Let's not minimize it, but he isn't going to jail on this issue alone. There is a fine at the end of this, assuming he's found liable. He does own the Mavericks in the NBA, it won't affect that ownership.
The Cub issue, it depends on how he's perceived. Let's remember, this is a man who talked about the integrity of the NBA and their officials, and this is a charge that goes directly to the heart of integrity as far as dealings. So, we'll have to see how that shakes out.
HOLMES: Well, you know, you always find a way to wrap this up for us, the sports and the business world. That's why we call you a business/sports analyst. But, yes, a lot going on out there.
Rick Horrow, kind sir, always good to see you. Happy Thanksgiving to you next week if we don't talk to you.
HORROW: We have some holiday stuff next week, so I look forward to it.
HOLMES: All right. Talk to you soon, buddy.
HORROW: All right.
LONG: Stuck at the airport again right now? Hope not. A new computer programmed developed by MIT aims to help airports to navigate those awful delays to make sure you'll get where you're going on time.
(COMMERCIAL BREAK)
(MUSIC)
LONG: Stopping rain, stopping the snow.
HOLMES: Where's the snow?
LONG: Upstate New York, tons of snow.
(CROSSTALK)
HOLMES: That's the norm up there, isn't it?
LONG: It's the norm, but not this early.
HOLMES: Is it early? It's winter now. Is it early?
LONG: Yes. It's early.
HOLMES: OK.
LONG: You'll have a typical blast but not this early.
HOLMES: OK.
LONG: All right. More Americans typically travel, of course, over the Thanksgiving holiday season than any other time of year, and it's not just that day trip to grandma's house.
(CROSSTALK)
HOLMES: Yes. Do people still do that? If you're flying somewhere, some new software could mean you'll take off on time. Reynolds Wolf out in that cold in Atlanta today.
Reynolds, how cold is it out there, buddy?
LONG: Good morning.
WOLF: Right now, I'll say probably in the upper 20s. The only travel trouble problems you're having is trying to walk right now. You're kind of like the tin man, you know, in the "Wizard of Oz." I mean, it's just very chilly out here this morning. The sun is coming up, and it is going to get warmer, but still high temperatures today just into the mid-40s for Atlanta.
A very quick check on your forecast. Let's show you what's happening out there. As you and Melissa were talking about, one of the big stories today is going to be the lake effect snowfall in Erie, Pennsylvania, back over to Buffalo, New York, and, of course, in Syracuse could get up to a foot before the weekend is out.
At the same time, you could be seeing some snowfall in the Northern Rockies, back into Idaho, into the Cascades, into parts of central and Southern California, where the big story is places like the I-5 corridor and to southern part (ph) in San Joaquin Valley, there's going to be fog. Fog is going to be a big issue.
But in terms of major travel problems, you might have some backups at your smaller airports, back in upstate New York and in Pennsylvania may have some issues.
You know, speaking of traveling, here we are. We're very close, only days away from Thanksgiving. Many people are thinking about taking the family across the country. You got to take those long, long flights. You got the screaming kids, you got the big lines, of course, the security.
It is such a big hassle for so many people, but there is some software out there, new software introduced by MIT to make things a little bit more bearable.
(BEGIN VIDEOTAPE)
WOLF (voice-over): Most of us look forward to the holiday season. What we don't look forward to is getting stuck at the airport waiting for a flight out.
RICH DELAURA, MIT STAFF SCIENTIST: Most of the delays are related to the problems in the major airports.
WOLF: Problems like weather delays. At JFK International Airport in New York City, those backups can ripple across the United States to smaller airports. Now, to solve that problem, MIT researchers are testing a computer program at JFK called the "Route Availability Planning Tool" or RAPT.
DELAURA: It takes a look at where the storms are going, takes a look at where the departing aircraft trajectories are headed and tries to predict when and where the aircraft will encounter storms that pilots might wish to avoid.
WOLF: RAFT tells air traffic managers to decide which flights take off and which don't. Each flight route is color coded according to weather conditions. Green routes are safe to depart, but routes in red, they'll have to wait.
The computerized tool is made for large airports like the ones in New York City where air space can get very crowded.
DELAURA: There are probably somewhere around 250 flights coming into or out of the three major airports in New York every hour. Flight is taking off and landing every 15 seconds. So, decisions have to come like this.
WOLF: Making fast decisions about aircraft departures is critical to avoiding runway gridlock and it can be immensely taxing for many air traffic controllers.
DELAURA: We're not talking about 60 percent chance of rain for Boston or New York, we're talking about the likelihood of a thunderstorm on a little patch of space that might be a few miles wide.
WOLF: RAPT could save millions of dollars in operating costs and thousands of hours in flight delays. So, if you're flying this holiday season...
DELAURA: Actually, if you're sitting in LaGuardia and getting out on time, there's a good chance the software had something to do with it.
(END VIDEOTAPE)
WOLF: On a side note, I know that can change in the couple of days, but so far we don't see any major weather issues as we get closer to Thanksgiving. So, certainly (INAUDIBLE) storm.
Let's send it back to you in the studio.
HOLMES: No major weather issues, but you got some major noise issues going on out there.
LONG: Lots going on there.
HOLMES: Lots going on out there, Reynolds. We will be checking in with you plenty throughout the morning.
But for right now, the next hour of CNN SATURDAY MORNING begins right now.
LONG: Good morning. From the CNN center here in Atlanta, this is SATURDAY MORNING. I'm Melissa Long in today for Betty who is on assignment in California. We're going to hear from her.
HOLMES: We will hear from her in just a couple of hours, the 11:00 hour. But hello. I'm T.J. Holmes. New this morning, video message from the future President Barack Obama. He's outlining his plan to create more than two million jobs.
LONG: And along with that, we're also talking about the key cabinet announcements today. Those could come from the transition team as early as Monday.
HOLMES: Also new developments this morning involving that tanker that was taken by pirates off the coast of Africa.
Also, our Reynolds Wolf --
WOLF: Hey guys, according to an EPA study back in 2005, there were over two million pounds of e-recycling of, of electronic goods that were thrown into landfills and less than 380,000 of it recycled. Today we're trying to change all that here in Atlanta. We are at an e- recycling center. We're going to show you how it's done and what you can expect (INAUDIBLE) places around the country, that and the cold weather, got plenty to talk about. That's coming up.
HOLMES: Well, sources are saying he's on track to be Barack Obama's money man. New York Federal Reserve Chairman Timothy Geithner is said to be the president-elect's top choice for Treasury secretary.
LONG: If he's nominated and if he's confirmed, Geithner would take on the job of tackling the country's economic meltdown. Announcement is expected as early as Monday.
HOLMES: The buzz also building over another key position in the Obama administration, secretary of State. Aides on the Obama transition team says he's on track to nominate Hillary Clinton for that post.
CNN's Tom Foreman looks at what experience Senator Clinton would bring to that job.
(BEGIN VIDEOTAPE)
TOM FOREMAN, CNN CORRESPONDENT (voice-over): For eight years as first lady opened critical doors for her education and top-level foreign policy, as her husband dealt with Somalia, Bosnia, Northern Ireland, the Middle East. Witnesses disagree on how many meetings she attended or how involved she was and some dispute her accomplishments.
Nevertheless, she lays claim to a good bit. In Northern Ireland, she says she helped bring Catholics and Protestants together. In Kosovo, she says she helped open the border for refugees fleeing the fighting. And In China, she spoke out forcefully about women's rights.
SEN. HILLARY CLINTON (D), NEW YORK: Human rights are women's rights and women's rights are human rights, once and for all.
CLINTON FOR PRESIDENT CAMPAIGN COMMERCIAL: It's 3:00 a.m. and your children are safe and asleep. Who do you want answering the phone?
FOREMAN: Still, during the campaign, some of the most pointed exchanges over foreign policy were between Senators Clinton and Obama. She suggested he was naive and not ready for that call in the night. His fans skewered her for saying incorrectly that she came under sniper fire during one trip to Bosnia and he hinted that she was padding her resume.
OBAMA: She's yet to cite what experience, in fact, prepares her for that 3:00 a.m. phone call.
FOREMAN: Now, however, both see good in a partnership.
JEANNE CUMMINGS, POLITICO: She's a high-profile woman. That's a good thing for his new team to bring in. And, plus I think that she, you know, has the chops to go out there and to speak to the world.
FOREMAN: Senator Clinton has expanded her experience through her eight years in the Senate, particularly through her service on the Armed Services Committee. She's been to Iraq, Pakistan, Afghanistan, many countries and no doubt she will go to many more as madam secretary.
Tom Foreman, CNN, Washington. (END VIDEOTAPE)
LONG: President-Elect Barack Obama focusing on creating jobs and investing in the country's long-term economy. In the Democratic radio address this morning, which can also be seen on his Web site, Mr. Obama outlined his two-year plan to create 2.5 million jobs.
(BEGIN VIDEO CLIP)
OBAMA: We'll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children and building wind farms and solar panels, fuel-efficient cars and the alternative energy technologies that can free us from our dependence on foreign oil and keep our economy competitive in the years ahead.
(END VIDEO CLIP)
LONG: Obama says there are no quick fixes to the country's current economic crisis which was years in the making.
Let's talk a little bit more about Barack Obama addressing the economy this morning and bring in CNN's deputy political director Paul Steinhauser. Paul, so nice to see you. I say online that you're my morning cup of coffee so nice to have that cup of coffee on Saturday.
STEINHAUSER: Well caffeinated.
LONG: Let's talk a little bit more about that address this morning that we heard from Barack Obama. So many promises on the campaign trail with respect to health care and education and now the economy and the situation it's in, so many goals for Barack Obama's administration. And perhaps expectations that are too high?
STEINHAUSER: Very high expectations. In fact, we had a CNN poll about a week and a half ago that said just that, that Americans really think he's going to do all these things and fix all these things, but especially on the economy. That's probably going to be the first job he has to deal with right now. In that radio address this morning, he talked about 2.5 million new jobs he wants to create over two years when he takes office in January '09. That is a tall order.
But in the radio address, he also said that the country's facing some tough economic times, that very big financial crisis of historic proportions. So I guess to fix a big crisis, you got to think big as well and that's kind of what he's doing here. And then on Monday, of course, he'll be, we think, according to sources, he will be announcing the big Treasury naming and some other economic namings as well. He really needs to do that to show Americans that he is ready to tackle this humongous crisis.
LONG: There are still two Senate races we are following, the recount in Minnesota and the runoff here in early December in Georgia. We've had almost a revolving door of really powerful politicians, both with the GOP and the Democratic Party and we have someone else touching down here this weekend. STEINHAUSER: You sure do. The next big name to come down to Georgia will be former Vice President Al Gore. Tomorrow, he will be hanging out and campaigning with Jim Morgan. He's a former state law maker in Georgia. He is neck and neck right now with Saxbe Chambliss, the freshman incumbent senator. Al Gore is just the latest of a lot of big names as you mentioned. You also had Bill Clinton down there going for Jim Martin, who you see here on the left, Saxbe Chambliss on the right.
You've had a lot of top profile, high-profile Republicans as well from John McCain to Mike Huckabee just the other day and to Mitt Romney. Why is all this going on? Because the Georgia Senate race was so close, neither candidate won 50 percent and that meant a runoff. The Democrats really want to steal this seat back, as well as the one in Minnesota because that would give them 60 in the Senate, a filibuster-proof margin. That is their goal.
LONG: And they're also here because they also want to generate energy and make sure people go vote.
STEINHAUSER: Yes, because voting in a runoff election is often very tough. People know to go vote on Election Day. They don't often know to go vote on a runoff election. It's not normal and that's why these big names come down there. They generate news. They're on TV. The key to this election is getting your people out to vote.
LONG: The other story line that a lot of people have been following, it's a lighter story, the dog that the Obama family will have in the White House and where the girls will go to school. I know Michelle Obama has said that she was considering and researching public schools, but it seems that Malia and Sasha are going to go to a private school and one that Hillary Clinton's daughter, Bill Clinton's daughter, Chelsea, went to.
STEINHAUSER: Very famous school called Sidwell Friends right here in the District, right here in Washington, D.C., in the northwestern part of D.C. That's where they'll be going, according to an announcement yesterday by spokeswoman for Michelle Obama. They said a number of schools were considered, but in the end, they picked Sidwell Friends. The Obamas selected the school that was the best fit for their daughters.
Both of the girls, Malia, who's 10 and Sasha, who is seven, they currently go to a private school in Chicago, a private school at the University of Chicago laboratory schools where Michelle Obama is on the board. Yes, they did think about a public school. The last public school that a first child attended, I think, was the Carters' daughter Amy back in the 1970s, so it's been quite some time.
LONG: Paul Steinhauser, deputy political director live from Washington, Paul, thank you.
STEINHAUSER: Thank you.
LONG: Have a super Saturday. I don't know, maybe you want to challenge yourself to know as much about politics as Paul Steinhauser? It may be possible, but you're going to have to start heavy research and you can start that online at cnnpolitics.com.
HOLMES: Well, some relief for hard-hit investors. The Dow closing 500 points higher on Friday, pushed by reports that Barack Obama will pick Timothy Geithner as his Treasury secretary nominee, but that showing wasn't enough to completely erase the 10 percent drop over the previous two days.
Meanwhile, Democratic leaders in Congress telling the big three auto makers they got some homework over the next couple weeks. They need to submit a detailed application for the billions of dollars they want. Law makers want to know the companies' financial situation and short-term cash needs, also want to know how they would make sure the government would be reimbursed.
Also, President Bush has signed a bill extending unemployment insurance benefits. The benefits would be extended at least seven weeks in every state and longer in states with higher jobless rates.
LONG: President Bush is in Peru today searching for answers to the global economic mess. We go live now to Lima, Peru. CNN's Juan Carlos Lopez has been traveling with the president. Good morning to you.
Help us to understand, what is the mission, the diplomatic mission of this president's trip?
LOPEZ: Good morning, Melissa from Lima and the mission is to gain more support for the agreement reached last week in -- at the G- 20 summit and that is different steps to help revive the world economy. That's one of the main missions.
Another mission is to look for solutions and to look forward. That's what the different leaders who at attend the meeting are looking forward, but free trade is what they're looking for, rejection of protectionism and it's a setup of what President-Elect Barack Obama will receive after January 20th.
LONG: We know that the president has a pretty demanding schedule today, meeting with other world leaders. Tell us about the meetings, logistics and, of course, the gala dinner tonight.
LOPEZ: Oh, he's going to have a very tough day because not only will he take part in the different APEC summit meetings, but he'll start the day off with the prime minister of Canada. Then he meets the prime minister of Japan, the president of Korea and in the afternoon, he's supposed to meet Russian President Dmitry Medvedev, so yes, it will be a very busy day for the president.
There are several summits, closed-door meetings. Most of it is going to be in closed doors type of meeting and not a lot of access to the media. All these encounters between world leaders looking for a path towards the future and to solving economic problems.
LONG: Juan Carlos Lopez live for us from Lima, Peru. Thank you.
HOLMES: Coming up here, a scary situation, ever-growing situation off the coast of Africa, pirates hijacking ships, kidnapping crews. You know what? They're getting paid ransom and so they keep making bolder and bolder attacks. We'll let you know what's going on this time around.
Also, the Pentagon has some worries here.
LONG: Absolutely. What are the U.S. sailors supposed to do if they, too, come under attack?
(COMMERCIAL BREAK)
HOLMES: Forty-five years ago today, the moment the world really still won't forget, the assassination of President John F. Kennedy. Dallas remembering today, the city honoring the memory of Officer J.D. Tippett. Tippett was shot confronting Lee Harvey Oswald. Also, Tippett's wife watched this week as the city unveiled a commemorative medallion in her husband's honor.
LONG: Remembering the anniversary.
I don't know. You have a lot of technology, a lot of gadgets.
HOLMES: Well, OK.
LONG: You're a gentleman. Boys like their toys.
HOLMES: I like toys. We all do.
LONG: I don't know what you grew up with. You probably had one of those massive computers that took up the entire office, right?
HOLMES: Everybody had one of those big suckers, yes. We got the little -- everything.
LONG: Well, a lot of people had those Commodores for a long time.
HOLMES: Commodore, yes, that's the name of it.
LONG: Atari. Did you play with that?
HOLMES: Played Atari, had the Sega, the old Nintendo box, all that stuff.
LONG: We're talking about those items, where they end up when you're done with them.
HOLMES: When you throw them out. See, it ends up sometimes in a landfill, along with two tons of other electronic crap. That's part of the growing problem. Reynolds Wolf is out there at an event today with a lot of that electronic crap. Reynolds --
LONG: Which was once revolutionary.
HOLMES: Used to be, not anymore.
WOLF: Nice choice of words T.J.
HOLMES: I'm sorry.
WOLF: You can't say that about the Atari 2600. Those were the greatest machines of all time. (INAUDIBLE) That's what we're going to do.
LONG: He's ignoring me.
(WEATHER REPORT)
WOLF: Back in Atlanta again, we're talking about an e-recycling event here outside Turner field. We're with Chad Miller. Chad is from Denver, Colorado, so you're fine with this cold weather. This is not going to bug you at all.
CHAD MILLER, WASTE MANAGEMENT: I can handle the cold weather, just can do without the wind.
WOLF: But you can also handle some great questions about e- recycling.
MILLER: Yes, definitely.
WOLF: Tell us basically what's going on here today. Lay it out for us.
MILLER: Well, we've got a nice collection event out here where you can bring down your electronics. This is a free event sponsored by Sony and Waste Management. You can come out to this event, drive your car into a collection zone. We're going to unload those electronics. You don't even have to get out of your car. We got a group of folks here that are going to take that out of your car and put it into a container and we'll haul it away to our de-manufacturing plant and take care of it.
WOLF: So you could show up in your underwear with that Atari 2600, with that Sega and you could bring it to Chad and it will be recycled.
MILLER: Yes, if you choose to show up that way, we will definitely take your electronics.
WOLF: Now one big concern that a lot of people have, we heard about the controversies in terms of a lot of the e-recycling being shipped overseas to places like China, some places in central Africa where they've really posed tremendous environmental hazard. How can people be sure that today when they bring their electronic goods to you for recycling, that it's going to go to the right place, that it's not going to be sent overseas?
MILLER: There's a couple of answers to that. The first one is we are signers on the (INAUDIBLE) treaty, which is a great organization that audits organizations like us to make sure that we de-manufacture properly. I keep using that word because just think of it as the opposite of putting it together. We de-manufacture, we take it apart, we put it into commodities and then we will market of those commodities to people that can use them in that form. The important part of that for us is is not only do be get audited by the (INAUDIBLE) treaty, but we also audit everybody downstream. So whoever we give that product to, we make sure that it's being taken care of properly, environmentally conscious.
WOLF: Today here in Atlanta, people come by and bring things starting at 9:00 to 4:00 this afternoon, a lot of this is going to stay local. It's going to be here in the Atlanta metropolitan area, correct?
MILLER: That is correct. We're actually have a partner in Marietta, Georgia called (INAUDIBLE) International. They are a de- manufacturing plant. They will take care of the hard drives. They'll make sure that it's secure. They actually wipe the data, which is called de-dousing. They run it through a magnet, take all the data off of there. They shred it into small parts. So if you bring down your CPU or your computer and there's some information on there that might be sensitive it's safe in their hands.
WOLF: Chad, great news. We appreciate your time. We're going to chat with Chad a little bit more this morning and T.J., best news of all, that this Pacman, the game you have, dude, it has a home. It can come here. You can have some use for it.
HOLMES: You're laughing, Reynolds. I do have that game at home, right now, Ms. Pacman, all the old-school stuff.
LONG: Do you have the entire --
HOLMES: Reynolds can't hear us. Let's let him go. He can't hear us that well.
LONG: Do you have one of those entire game systems?
HOLMES: No. Just on an old -- an X-box, I have the old school (INAUDIBLE) the Galaga (ph), Pacman.
LONG: When you play the old school, is it as entertaining as some of these new --
HOLMES: I'm easily entertained. I like the old school stuff. It takes too much time on the old controls on the new X-360. I can't keep up.
LONG: You're all about nostalgia.
HOLMES: I am.
LONG: You're retro.
HOLMES: Thank you.
LONG: We're going to continue to talk green today, talk about the past and talking about the future as well. Of course, thinking green is nice. Acting green is better. CNN's Miles O'Brien shows you ideas that just might save the planet. Green warriors, the fight for solutions, tonight on CNN at 6:00 Eastern.
HOLMES: All right, a story that got a lot of play this week, a popular online dating site ventures into some new territory.
LONG: E-harmony hit a sour note with some critics and now the company is changing its tune.
(COMMERCIAL BREAK)
HOLMES: A Los Angeles judge will decide Monday whether to dismiss charges against a Missouri woman in an Internet -- excuse me -- bullying case, that's an Internet bullying case that may have led to a teenager's death. Lori Drew (ph) is accused of conspiracy and accessing computers without authorization. Police say she used a phony name and MySpace account in a hoax involving a 13-year-old girl. That teen later committed suicide.
LONG: The hijacked crew of a Greek chemical tanker is free. They are safe. Somali pirates have released the (INAUDIBLE) and its sailors after two months of holding them hostage. That's according to a private security expert familiar with pirate operations. Now, the ship was seized in the Gulf of Aden (ph). That's off the horn of Africa in late September. It is unclear whether the company that owns it has paid any kind of ransom.
HOLMES: Pirate attacks are becoming more common overseas with several incidents making news in just the past week. The biggest problem now and the biggest problem folks have been dealing with for a little while now how to stop this.
Here now, CNN's Barbara Starr.
(BEGIN VIDEOTAPE)
BARBARA STARR, CNN PENTAGON CORRESPONDENT (voice-over): $100 million in oil destined for the U.S. hijacked by pirates in a stunning raid on this Saudi super tanker more than 400 miles off the coast of Africa. Pirates seem to be operating at will with the world's navies struggling to stop them. The chairman of the U.S. joint chiefs of staff expressed frustration.
ADM. MIKE MULLEN, JOINT CHIEFS CHAIRMAN: Tactically they're very good. So once they get to a point where they can board, it becomes very difficult to get them off because clearly now they hold hostages.
STARR: 16,000 ships a year pass through these waters. Already, more than $20 million in ransom paid by ship owners to free their vessels, cargos and crews. Though dozens of attacks have been thwarted, nearly 20 ships are still being held with more than 300 crew members aboard.
GEOFF MORRELL, PENTAGON PRESS SECRETARY: Trust me, this subject is being dealt with at the highest levels of this government. It is a real concern. And we are constantly evaluating what the best approach is.
STARR: Pirates are now able to grab a ship within minutes. There are about a dozen warships patrolling the area, but with more than one million square miles of water, they cannot watch everywhere. With no ready military solution, the U.S. is telling shippers to carry armed guards and be ready to try and outrun pirates if they come under attack. Shippers are now talking about avoiding the area entirely, sending their cargo ships around the full coast of Africa, a move that is likely to raise prices for ships' goods to Europe and the United States.
Barbara Starr, CNN, the Pentagon.
(END VIDEOTAPE)
LONG: Fireworks from space, lighting up over the sky in Canada -- spectacular video.
HOLMES: You had to be in the right place at the right time to get this video and somebody was. We'll show it to you.
(COMMERCIAL BREAK)
LONG: You don't like this Madonna song?
HOLMES: We're talking about Madonna's divorce and "Die Another Day" is what you want to go with.
LONG: This is what's hip. I don't think they were thinking beyond that.
HOLMES: We should have thought that through a little better. Don't you think Dianna (ph), our producer back there. (INAUDIBLE)
LONG: We are talking about Madonna, some of the more popular stories on our Web site, the water cooler topic, one step closer to divorce. A London judge Friday granting Madonna and her husband, director Guy Ritchie a preliminary decree of divorce. The divorce goes final in six weeks unless either has a change of mind, change of heart.
The pop star and the film director married eight years ago. British reports indicating that Ritchie has agreed to take almost none of Madonna's $447 million fortune. That says a lot about his character.
HOLMES: That says a lot about his mental state, in my opinion.
LONG: She's --
HOLMES: He's not thinking clearly. He's not thinking clearly.
LONG: She's on tour right now in the U.S. I think she's playing Atlanta next week.
HOLMES: Is she really? LONG: Monday.
HOLMES: Monday? OK. Our producer is a huge Madonna fan. She'll be at the concert.
LONG: Those tickets are going for a lot of money.
HOLMES: No doubt about it. Excuse me. I'm choked up.
LONG: Popular online dating site e-harmony is creating a new service for same-sex couples. This is a move that's part of an agreement actually to settle a complaint T.J. It's said that the company's failure to offer same-sex matches was discriminatory. The dating site and the founder admit no wrongdoing.
HOLMES: All right. Now, something -- this video we are talking about. You got to be in the right place at the right time for this. A meteor hurling from space into Alberta, Canada.
LONG: Yes, a security camera catching this flash in the evening sky over Edmonton. Authorities believe the meteor most likely landed around the Alberta/Saskatchewan border. More than 100 miles away, few meteorites caused damage because they normally burn up when they enter the earth's atmosphere.
And what did we learn earlier today? Meteor ...
HOLMES: Meteor
LONG: ...versus meteorite.
HOLMES: When it comes to meteorites, Reynolds says once it enters the earth's atmosphere, it's then a meteorite.
LONG: And hits the ground.
HOLMES: Hits the ground. Then, it's a meteorite. If it's just floating around up there in the atmosphere, it's just a meteor.
LONG: All right. We're going to ...
HOLMES: We learn something every morning (ph).
LONG: ... take a break. "HOUSE CALL" coming up?
HOLMES: "HOUSE CALL" coming up. And -- I'm going to try to -- maybe he has something about asthma. I've been coughing, a lot of people saying what's going on with T.J. I was diagnosed with asthma for the first time in life on Thursday. So, I'm trying to get it under control. Lungs not quite functioning how they should, going to try to get it under control.
Be back here by the 9:00 hour and I'll not cough up a lung on you. But here now, "HOUSE CALL" with Dr. Sanjay Gupta.
