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President Obama on the Economy; Where the Jobs Are; Looking for Work in Russia and China; Pink Slip May be Silver Lining; Selling One's Memories to Keep a Home; Real Estate Students Gambling on Careers
Aired March 06, 2009 - 11:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BARACK OBAMA, PRESIDENT OF THE UNITED STATES: Thank you.
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Thank you.
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Thank you so much.
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Thank you, everybody.
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Thank you.
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Thank you very much.
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Thank you. Thank you very much. Please, everybody, have a seat.
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Thank you so much. What a wonderful reception. Thank you very much.
I want to begin by thanking Mayor Coleman, Director Brown, and the entire Columbus police force for inviting me to be a part of this ceremony. It is a great honor and a privilege to stand with the men and women of this police academy's 114th graduating class.
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You have studied hard. You have trained tirelessly. And there is no longer any doubt that you will be employed as officers of the law when you leave here today.
(APPLAUSE) I also want to just very quickly acknowledge one of the finest governors in the country, who's been just dealing with all kinds of stuff and doing it with grace and aplomb and never breaks a sweat but is working hard on behalf of his constituency, Ted Strickland.
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The attorney general of the United States, Eric Holder.
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OBAMA: I came out here with the -- a number of members of the Ohio congressional delegation, but I want to make a special note of my former colleague when I was in the Senate who's just as passionate about working people as anybody in the country, Sharrod Brown. Give Sharrod a big round of applause.
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This city of Columbus needs the courage and the commitment of this graduating class to keep it safe, to make sure that people have the protection that they need. This economy needs your employment to keep it running.
You know, just this morning, we learned that we lost another 651,000 jobs throughout the country in the month of February alone which brings the total number of jobs lost in this recession to an astounding 4.4 million -- 4.4 million jobs.
I don't need to tell the people of this state what statistics like this mean because so many of you have been watching jobs disappear long before this recession hit. And I don't need to tell this graduating class what it's like to know that your job might be next because, up until a few weeks ago, that is precisely the future that this class faced, a future that millions of Americans still face right now.
Well, that is not a future I accept for the United States of America.
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That is why...
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That is why I signed the American Recovery and Reinvestment Act into law.
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Now, there were those who argued that our recovery plan was unwise and unnecessary. They opposed the very notion that government has a role in ending the cycle of job loss at the heart of this recession. There are those who believe that all we can do is repeat the very same policies that led us here in the first place. But I also know that this country has never responded to a crisis by sitting on the sidelines and hoping for the best. I know that, throughout our history, we have met every great challenge with bold action and big ideas. That's what's fueled a shared and lasting prosperity.
I know that, at this defining moment for America, we have a responsibility to ourselves and to our children to do it once again. We have a responsibility to act, and that's what I intend to do as president of the United States of America.
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So, for those who still doubt the wisdom of our recovery plan, I ask them to talk to the teachers who are still able to teach our children because we passed this plan. I ask them to talk to the nurses who are still able to care for our sick and the firefighters and first responders who are still able to keep our communities safe. I ask them to come to Ohio and meet the 25 men and women who will soon be protecting the streets of Columbus because we passed this plan.
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I look at these young men and women -- I look into their eyes and I see their badges today, and I know that we did the right thing. These jobs and the jobs of so many other police officers and teachers and firefighters all across Ohio will now be saved because of this recovery plan, a plan that will also create jobs in every corner of this state.
Last week, we announced that Ohio would receive $128 million that will put people to work renovating and rebuilding affordable housing.
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On Tuesday, I announced that we'd be sending another $935 million to Ohio that will create jobs rebuilding our roads, our bridges and our highways.
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And yesterday, Vice President Biden announced $180 million for this state that will go towards expanding mass transit and buying fuel-efficient buses, money that will be putting people to work getting people to work.
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OBAMA: All together, this recovery plan will save and create over three and a half million American jobs over the next two years. Because of this plan, those who've lost their jobs in this recession will be able to receive extended unemployment benefits and continued health care coverage.
Because of this plan, 95 percent of working Americans will receive a tax break that you will see in our paychecks starting on April 1st.
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And because of this plan, stories like the one we're celebrating here in Columbus will soon take place all across this nation. Today, I'm pleased to announce that Attorney General Eric Holder and the Department of Justice are making available $2 billion in justice assistance grants from the Recovery Act.
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That's funding that will help communities throughout America keep their neighborhoods safer with more cops, more prosecutors, more probation officers, more radios and equipment, more help for crime victims, and more crime prevention programs for you.
Cities and states can apply for these funds right away. And as soon as their applications are received, the Justice Department will start getting the money out the door within 15 days.
In Savannah, Georgia, the police department would use this funding to hire more crime and intelligence analysts and put more cops to the beat protecting our schools. In Long Beach, California, it will be able to help fund 17,000 hours of overtime for law enforcement officials who are needed in high-crime areas.
West Haven, Connecticut, will be able to restore crime prevention programs that were cut even though they improved the quality of life in the city's most troubled neighborhoods.
And the state of Iowa will be able to rehire drug enforcement officers and restart drug prevention programs that have been critical in fighting the crime and violence that plagues too many cities and too many towns. So the list goes on and on from Maine to San Francisco, from Colorado to New Jersey, these grants will put Americans to work doing the work necessary to keep America safe.
They will be directed only towards worthy programs that have been carefully planned and proven to work. And Vice President Biden and I will be holding every state and community accountable for the tax dollars they spend.
Now, by itself, this recovery plan won't turn our economy around or solve every problem. In the flight over here with the Ohio delegation, I talked to them about the fact that we've got big challenges ahead of us. We inherited a big mess.
This police force still faces budget challenges down the road. There are still workers in Columbus who are losing their jobs. And there's still so much work to be done throughout Ohio to lay a new foundation for growth and prosperity.
That's the work we must continue in the days and months ahead. That's why my administration is also moving quickly and aggressively to restart lending for families and businesses, to help responsible homeowners pay their mortgages and refinance their homes, to address the major economic challenges of our time, the cost of health care, our dependence on foreign oil, the state of our schools.
All of this takes time, and it will take patience. It will entail great effort and cooperation. But most of all, it will require a renewed sense of responsibility from every American, a responsibility to ourselves and one another, a responsibility that's already been demonstrated by the men and women who are sitting behind me here today.
The job that you signed up for is not easy. It can mean long shifts and late nights. It demands focus and determination and great bravery in the face of unknown dangers. When you run into that building or chase down that suspect, you will be risking your own life in order to protect the lives of men and women you have never met and some that you may never know.
But you knew all that when you joined the academy. You knew the risks involved. The know the sacrifices required. And yet you stood up and said I'll take that risk, I'll make that sacrifice, I will do that job.
And that, Columbus, is the very essence of responsibility. That's the spirit we need in this country right now no matter what our role is or what our profession that we've chosen. It's a spirit that asks us to look beyond our own individual ambitions to the wider obligations we have as the good citizens of a great nation.
OBAMA: The spirit that calls on us to say I'll make that sacrifice, I'll do that job.
If we can summon that spirit once more, if we're willing to look out for one another and listen to one another, if we are willing to pull together and do our part, if we can show even a fraction of the courage and selflessness that these cadets have already demonstrated, then I have no doubt that we will emerge from this crisis stronger than before and keep this nation's dream alive for future generations.
Thank you. God bless you. God bless the United States of America. Thank you, everybody. Thank you.
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Thank you.
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Thank you, guys.
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TONY HARRIS, CNN ANCHOR: Well, you know what? So are we.
It is Friday, March 6th, and here are the top stories in the CNN NEWSROOM. The American worker flogged in February. The financial meltdown pushes the jobless rate to a 25-year high. There are cities that need workers.
We team with CNN.com to tell you where the jobs are. Hint -- do you like cold and snow?
Good morning, everyone, I'm Tony Harris, and you are in the CNN NEWSROOM.
The jobs report for February is out this morning, and let's be honest about it. It is ugly.
The Labor Department says 651,000 workers joined the ranks of the unemployed last month. That pushed the unemployment rate to 8.1 percent, the highest since 1983.
Translation, 12.5 million Americans are out of work right now. That's like saying every person who lives in the state of Pennsylvania is jobless.
Minorities, historically, have dealt with higher unemployment rates in the United States. And this recession is no different. The Labor Department says the jobless rate for whites is 7.3 percent. That is well under the national figure. But as you can see, unemployment for African-Americans and Hispanics is running in double digits. The unemployment rate among Asians, 6.9 percent.
Let's talk about jobs. And let's drill down a little deeper.
A lot of Americans are looking, and CNN is helping. Our Nicole Lapin is at the magic wall.
And talk us through this, Nicole. Can you work a little magic over there?
NICOLE LAPIN, CNN.COM: I don't know what I can do, necessarily. But Tony, it's not all apocalyptic, it's not doom and gloom, as we hear so often. There are jobs. You just need to know where to look.
CNN.com is breaking it down. You can see, of course, how we got to where we are today, Tony.
I want you to focus on the blue. The blue is good. We start in 2007. The red is bad. But it's not all red here.
So look, Tony, in the Southwest. A lot of blue still there, because a lot of the boomers are going there to retire.
We have a little pocket of blue up in D.C. and Maryland, because a lot more government jobs there, as well. And then you see, of course, the red focused around manufacturing in the Midwest.
HARRIS: So, Nicole, how is the housing crisis playing into this, if at all?
LAPIN: Yes, well, that's a good question. You can also filter it out.
We're looking at construction jobs right now. No big surprise -- Florida is bright red. So is California with the housing bubble bursting. And Nevada, as well -- Tony.
HARRIS: Well, didn't you promise me a silver lining to all of this?
LAPIN: Yes. There is a silver lining. OK. Let's filter out education and health services.
HARRIS: OK.
LAPIN: It's typically recession-proof, and you see a lot of that around the Southwest, like I was mentioning.
HARRIS: Yes.
LAPIN: It is hot there. That's where a lot of folks want to go to retire, of course, and it's also really ground zero for renewable energy these days.
And you know, Tony, our experts say that 40 to 50 percent of people who are successful in this job search are switching careers. So not necessarily looking at the same industry. Perhaps broadening your horizons.
If you worked at a car dealership before, you might not necessarily find a job there. But maybe at a repair shop, because a lot of people are fixing up their older cars.
HARRIS: Right. Right. Which feeds into the idea that more and more people are going back to school and learning different skills to be employable in this changing economy.
LAPIN: Yes. And we'll be back in the next hour to show you some more tips.
HARRIS: Yes. Awesome. Nicole, thank you.
LAPIN: You're welcome.
HARRIS: The recession is global, as you know, and so is the search for jobs. Our international correspondents have been surveying the unemployment problems around the globe.
Here is a look at the jobless picture in China and Russia.
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MATTHEW CHANCE, CNN SR. INTERNATIONAL CORRESPONDENT: I'm Matthew Chance in Moscow.
The global economic storm has battered few countries harder than Russia. Just six months ago, this was one of the world's fastest growing economies. Now official estimates put the number of unemployed and looking for work at over six million people, and that figure is rising fast as more companies across this vast country close down. It's Russia's mining industry, it's steel works, it's auto manufacturing, and it's chemical plants that are being hardest hit.
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EMILY CHANG, CNN CORRESPONDENT: I'm Emily Chang on a roadside in Beijing.
All of these trucks are parked here waiting for work. They normally haul construction supplies from one place to another, but since the beginning of winter, these truck drivers tell us demand has slowed down dramatically. Most of these truck drivers are migrant workers, the group hardest hit by the economic crisis.
The Chinese government officially claims about 20 million migrant workers are unemployed, but some experts believe that number is more like 30 million. China has said it wants to maintain unemployment at about 4.6 percent, but again, some experts believe it's actually more like 10 percent.
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HARRIS: All right. Nearly 32 million people are currently on food stamps in the United States. It's a record.
Log on to CNNMoney.com for some advice and some answers. Check out our special report, "America's Money Crisis." Again, that's at CNNMoney.com.
President Obama hopes his recovery plan will save more than three million jobs. In a speech just moments ago, he highlighted 25 of them.
White House Correspondent Dan Lothian, traveling with the president, joins us now from Columbus.
And Dan, you know, on a day when the news on the jobs front is so bleak, this is actually a bit of a good news story out of Columbus.
DAN LOTHIAN, CNN WHITE HOUSE CORRESPONDENT: It is a bit of a good news story. And right now, those 25 police cadets behind me -- you can probably hear it -- are being sworn in. They will be police officers here in the city of Columbus.
The reason is because the city was able to get some of that stimulus money. The mayor went to Washington, D.C., last month as part of the U.S. Conference of Mayors, and really urged the president to try and get some of that stimulus money here in this community. He was able to get millions of dollars, but in particular, was able to get $1.25 million to help to keep this program.
Now, what had happened was that, back in January, all of these recruits got pink slips and were told there simply wasn't enough money in the budget to hire them as full-fledged police officers. So they were paid for the month of February, and just two days before that money was to run out, they were called back in. They had heard some rumors, they didn't know exactly what it was going to be, but they were called back in and they were told, guess what? We will be saving your jobs.
I was talking to one cadet who told me that this was incredible news. He's a father of two children, and he said it was a difficult time for them, as he was going out trying to find a new job. So this was obviously welcome news.
Now, Tony, you and I talked about this earlier this morning. The big problem is that this money only runs through the end of the year.
HARRIS: Yes.
LOTHIAN: So what happens after that? And I posed that question to some city officials, to the cadets themselves, and they said, listen, we're hoping, number one, that the economy turns around, or perhaps there are some other officers who retire and we can get their jobs -- Tony.
HARRIS: OK. Dan Lothian for us, traveling with the president in Columbus, Ohio.
Dan, appreciate it. Thank you.
You know, today's new unemployment numbers mean the economic meltdown has cost more than four million Americans their jobs.
Personal Finance Editor Gerri Willis is at an employment center in Yonkers, New York, this morning.
Gerri, good to see you.
That is certainly one of the places you would imagine is very busy these days.
You want to get to some jobs-related e-mails?
GERRI WILLIS, CNN PERSONAL FINANCE EDITOR: That's right.
HARRIS: OK.
WILLIS: We definitely wanted to some jobs-related e-mails. We had a little conversation with somebody else in your office there.
HARRIS: That's right. All right.
WILLIS: So hit me with that first e-mail.
HARRIS: All right. Well, this first e-mail comes from Casey in Pennsylvania, who asks, Gerri, "Where can I find one of these entry level green collar jobs?"
WILLIS: All right. Well, the good news here is that these are jobs that people in the marketplace have already had in many cases. They're in construction, in manufacturing. People just need additional skills to use those green techniques and green tools, and you can often get that with an Associates Degree, for example. So the nice thing here is you don't have to go back and get a four-year degree or something to work in these areas.
If you are working in construction, talk to the people running your labor union. They may have apprenticeships available. But at the end of the day, you have got to ask people you work with to out how get that little extra little bit of information, education to make that happen.
HARRIS: No question.
All right. This next question comes from Ivet, who asks, Gerri, "I am considering returning to school to get a B.A. I already have two Associates Degrees and would like to know if this is a good idea. I have been unemployed for two months, and I figured this would be a good time to reinvent myself at the age of 40."
What do you think, Gerri?
WILLIS: Well, you know, I'm all for reinventing yourself, and I'm all for getting more education. That's great. But you have to think about how much money you're spending.
Is it too much money? There are so many kids out there in the marketplace right now, they've got college degrees, but they can't afford the jobs they have because they owe so much money for those college loans.
So my idea, go to a Web site called careervoyages.com. And there you can find out, well, how much will that job pay me, and will I be able to pay back my education?
The other idea, much cheaper, go to geteducated.com. Now, this is the Web site that will help you find an online program, much cheaper, to get the education you need to do what you want to do.
HARRIS: Nice. Thank you, Gerri.
One more question for you from Chris, who writes, "I am a 25- year-old college graduate, and was recently let go from my job. During that time, I incurred around $5,000 in credit card debt."
I know you've heard this before.
"Is there a way to suspend payments or work out a payment plan so that I don't incur late penalties or worse?"
WILLIS: Right. This is a big problem that a lot of people are facing.
HARRIS: Yes.
WILLIS: Pick up the telephone, call your credit card issuer. Tell them you're unemployed and that you're having problems making payments. They are starting to work with people. So you may get some help there.
Now, if you have more debt, if you have crushing debt in other places, as well, you might actually want to get a debt counselor. NFCC.com is a great place to go to find a credit counselor in your area, can give you some great advice on how to get that debt under control. But first stop for this fellow, you definitely want to pick up the telephone, call your credit card issuer, ask for a little forbearance.
HARRIS: Yes.
Gerri, appreciate it. Thank you.
WILLIS: Thank you.
HARRIS: All right. Two young stars romantically involved, but is there alleged abuse? What a police affidavit tells us.
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REYNOLDS WOLF, CNN METEOROLOGIST: Now switching gears a bit, opinions are sharply divided over global warming. But one teen is trying to get other young people fired up about climate change in this week's "Solutions."
Sean Callebs has that.
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SEAN CALLEBS, CNN CORRESPONDENT (voice-over): Like many kids, Alec Loorz was inspired by something he saw on the big screen.
ALEC LOORZ, FOUNDER, KIDS VS. GLOBAL WARMING: It all started when I saw Al Gore's movie, "An Inconvenient Truth."
AL GORE, FMR. VICE PRESIDENT OF THE UNITED STATES, "ANDREWS: INCONVENIENT TRUTH": I've been trying to tell this story for a long time.
CALLEBS: After seeing the documentary, Loorz wanted to convince friends global warming is real.
LOORZ: So I wanted to give presentations like Al Gore does. So I applied to the organization who handles these training sessions. So I was only 12 years old at that time, so they told me I was too young. .
CALLEBS: That didn't stop Loorz. He began speaking at schools around California and started a program called Kids Versus Global Warming. More than 2,000 children have joined the 14-year-old's cause. Loorz also started a Sea Level Awareness Project, setting up poles at California beaches to show where future seal levels could be if nothing is done about climate change.
LOORZ: I have kids coming up to me saying, "I really want to get involved. What do I do?"
CALLEBS: Last year, Loorz finally met former Vice President Gore, and became the youngest trainer for his climate project. Loorz' real dream, however, is getting his peers to act.
LOORZ: We are the future, but we're more than that. We're here now. So let's work together to change the world, and not just occupy it.
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HARRIS: That is pop star Rihanna in her hit music video "Umbrella."
You know, many people are wondering if she'll testify against boyfriend Chris Brown. He is due back in court next month on two felony charges for allegedly brutally beating Rihanna.
The two are said to be back together. It is creating quite a controversy.
Here is the discussion from our sister network, HLN, on prime time with mike galanos.
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MIKE GALANOS, HEADLINE NEWS: Are there reports that Chris Brown previously had abused Rihanna?
RUSSELL WETANSON, POPSQUIRE.COM: Yes, there are reports that this has been an escalating issue, which is often the case in cases of domestic violence. It's no surprise that this may have been the culmination of things that have happened before. So unfortunately, those are the reports that we're hearing.
GALANOS: Carlos, anything to add to that?
CARLOS DIAZ, "EXTRA" CORRESPONDENT: Yes. You know, when the policeman that took this report took a statement from Rihanna, she stated that, that not only had this happened in the past, that it was getting progressively worse. And that's the scary thing here, not only the message that it sends to kids and to young girls all over the country, and to young boys on how they can treat women...
GALANOS: Right.
DIAZ: ... it also is -- is very detrimental to Rihanna's health to be back in this relationship if it is escalating. GALANOS: You know, and as we look at these detective notes, I don't want to go too far into this, but still, just that language speaks to almost -- maybe this did happen before when he looks at her and says, I'm going to beat the you know what out of you when we get home. You wait and see. Like maybe it's happened before. And after she...
DIAZ: And in the court where he says, "I'm really going to kill you."
GALANOS: Yes, exactly.
DIAZ: Maybe he has made that threat before, like, "I'm going to kill you," and didn't do it, and now, "I'm really going to kill you."
GALANOS: Yes. Thank you. That was what I was going to point out, Carlos.
Lisa, with all that said, though, we get back to the point, without her testimony, this is all moot? Is that really where we are here?
LISA BLOOM, ANCHOR, "IN SESSION": That's really where we are, because every citizen has the right under the U.S. Constitution to confront and cross-examine witnesses against us.
GALANOS: Yes.
BLOOM: That means a live witness testifying in person, not a police statement that was made months ago and is reduced to paper. You have to have that right to cross-examine her. So without her, there just isn't a case.
And I agree, she's in a very dangerous situation. Your caller makes a very good point. So many domestic violence victims have called me on my show and said the same thing. She is really in danger for her life, if this is what it's escalated to and he walks this time.
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HARRIS: Wow.
Is this incident a career-ender for Chris Brown? How does Rihanna bounce back from this? I'll take that up with BET correspondent Toure next hour in the CNN NEWSROOM.
Gang violence corrupting thousands of teenagers all across the world. One young man proves you can make a difference.
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HARRIS: College students take on terrorism. Class is in session as our future leaders assess the president's new approach to the problem.
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UNIDENTIFIED FEMALE: Suicide bombs, obviously not good. But the whole thing is just that, like, to reach out to them and let them know, you know, we are still your friends, we understand that this is a small portion of what your religion represents.
UNIDENTIFIED MALE: I think we need to engage the world in positive ways, and we've seen a lot of negative activity.
(END VIDEO CLIP)
HARRIS: Our future leaders sound off. Next hour, class is in session at noon Eastern.
Now meet a young man helping other young people. Efren Penaflorida is the third CNN Hero of 2009. He was bullied to join a gang in high school in the Philippines, but instead of caving to the pressure, he created an alternative for all teens struggling to stay out of or leave gangs, changing thousands of lives in the process.
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ANNOUNCER: This is "CNN Heroes."
EFREN PENAFLORIDA JR., CHAMPIONING CHILDREN: Gang members are a group in the slums as early as 9 years old. They're all victims of poverty.
I am Efren Penaflorida Jr.
In high school, gangs were very rampant. I felt the social discrimination, and I was then -- I was bullied. I got afraid, so we thought of a group to actually divert teenagers to be productive. So that's why we're bringing the classroom to the kids.
We operate the push cart every Saturday. We teach them language, mathematics. And we also have our hygiene clinic.
ON SCREEN: Since 1997, 10,000 teenagers have joined Efren's group and tutored 1,500 children.
RHANDOLF, AGE 16 (through translator): My gang mates were the most influential thing in my life. I would probably be in jail right now, or most likely a drug addict if I hadn't met Efren.
EFREN: I always say to my volunteers that you are the change that you dream, and collectively, we are the change that this world needs to be.
ANNOUNCER: Tell us about your hero, at CNN.com/Heroes.
(END VIDEOTAPE)
HARRIS: Back in the hands of the State Supreme Court. Gay marriage supporters and opponents battle over Proposition 8 in California. (COMMERCIAL BREAK)
HARRIS: OK. A quick look at the stocks right now as you can see. Boy, this is - you know, we're looking at a session that has turned around early losses.
Let me not dwell on this when Susan Lisovicz is standing by. And Susan, the unemployment numbers, we knew this would be a bad jobs report for the month, and it's turned out to be just that, 651,000 positions lost in February. So break this number down. And I'm always curious as to what the Street factors in, and what it really responds to.
SUSAN LISOVICZ, CNN BUSINESS CORRESPONDENT: Well, there's so many things, Tony, but it's 651,000 jobs lost, one month alone, February. That came in line with estimates. You don't see that happen all of the time. Construction manufacturing, retail continued to hemorrhage jobs. The only sectors that continue to hire, not enough to offset, of course, government, health care, education.
So that came in line. We've seen those themes before. The unemployment rate was expected to rise to 7.9 percent. It went to 8.1 percent. So higher than expected. And these numbers are revised. It's a huge number. And they're not perfect, so they are revised, which brings us to December and January. They were revised sharply higher. And in fact, December's revision of 681,000 is a 59-year high.
So, you know, these are just extraordinary numbers. This is a terrible recession that we're living through. Hopefully, this is - you know, these are the worst months we're going through. And what happens is, besides putting a lot of people in a terrible position, it puts more pressure on foreclosures. I mean, you know, they will rise as job losses rise. And consumer spending typically will, of course, decline. And that's an engine of - it is the single engine of economic growth in terms of, you know, what can really get this economy back on track, Tony.
HARRIS: Did the markets factor this jobs report into the trading day? Because it's difficult to know. I remember there was a jobless claims - weekly jobless claims report from last week that was pretty bad, and the markets didn't take a real hit. Although, I can't remember how the markets closed on that day. And yet you take a look at where we are now, and we are essentially flat for the day.
LISOVICZ: Well, I mean, it's a great question, and it's a very legitimate kind of theory, because the market is a forward-looking mechanism. And because these things, like the jobs report, which is so closely scrutinized, is something that everybody comes out with their estimates and if it's a real shock, you often see that translate into some sort of pop at the open. You know, a big move...
HARRIS: Right.
LISOVICZ: ... in one direction or another. I think, yes, I think you know, we did expect this number to be bad. I think what really unhinged the market yesterday was Citigroup going below $1.00. This was once the most valuable financial company in the world by its market price, and then GM with yet another cry from its auditor saying, you know, this is very possible that this company will not be able to stand alone. May have to file for bankruptcy protection. And these are two bellwether companies, two Dow 30 stocks, and you just saw them hemorrhage and you saw the market come undone.
I should also mention one thing. Let's have a light - let's see something that might be promising here. And this is something Art Hogan (ph), an analyst I just talked to said, $681,000 jobs lost in December, 655 in January, 651,000 in February. They're all terrible numbers, but they're not as terrible. If we start to see those numbers go down a little bit, that trend, that's encouraging, and economist Bob Bruskow (ph) was talking about the same thing in one his charts this morning, as well. It's way too early and it may be wishful thinking.
HARRIS: We'll hang on to it.
LISOVICZ: But that's the kind of thing people really parse with these reports.
HARRIS: All right, Susan, thank you.
LISOVICZ: You're welcome.
HARRIS: Congress is sprinting today to come up with a temporary spending bill for the federal government. Otherwise, official Washington faces a partial shutdown tonight. Senate republicans are blocking a $410 billion spending bill. They say it is fat with pork. The Obama White House calls the bill last year's business, covering spending for the fiscal year that the previous Congress failed to approve.
The wait is on in California's battle over same-sex marriage. The state's Supreme Court has 90 days now to decide whether to overturn Proposition 8, the voter-approved ban on gay marriage.
Our Dan Simon covered the courtroom battle.
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DAN SIMON, CNN CORRESPONDENT (voice-over): Leading off for same- sex marriage, Shannon Minter who lived his first 35 years as a female.
SHANNON MINTER, AGAINST PROP 8: Our government is based on the principle, not just of my majority rule, but equally so on the limit that majorities must always respect minority rights.
SIMON: Minter told the justices that Prop 8, which voters approved last fall banning same-sex marriage, turns gays and lesbians into second-class citizens and the court should strike it down.
MINTER: To have an official recognition of one's family relationship that is of equal stature and dignity to the recognition given to opposite-sex couples. SIMON: Attorney Michael Maoko argued that Prop 8 didn't just change or amend the Constitution, it drastically and illegally changed it by undermining the inalienable rights it guarantees.
MICHAEL MAOKO, AGAINST PROP 8: If you're in the marriage business, do it equally. If the state obviously stuck its finger in the marriage business, they should stick it there equally, and if they're not going to be there equally, get out of the marriage business. That's our position on this.
SIMON: Late, for the pro-Prop 8 side, Kenneth Starr, famous for leading an inquiry into President Clinton's relationship with Monica Lewinski. He's now the dean of Pepperdine University's Law School and an advocate for conservative causes.
KEN STARR, SUPPORTS PROP 8: We want to restore the traditional definition that has been in place since this state was founded. And almost every other court in the country has agreed with the rationality of that. You may think it's bad policy. You may think it's unenlightened.
SIMON: Starr argued that rights in this country and here in California are ultimately defined by the people. Which prompted this hypothetical question from the chief justice.
CHIEF JUSTICE RONALD GEORGE, CALIFORNIA SUPREME COURT: Right to marriage, right to free speech, whatever, that can be removed by the simple amendment process.
STARR: We may govern ourselves very unwisely. But happily, because we're in a federal republic, there are fail-safe mechanisms under the federal constitution.
SIMON (on camera): So the fundamental question confronting the California Supreme Court is, can the will of the majority take away rights from a minority? A ruling is expected within 90 days.
Dan Simon, CNN, San Francisco.
(END VIDEOTAPE)
HARRIS: And once again, let's get back to the CNN weather center.
(WEATHER REPORT)
HARRIS: All right, selling your stuff so you can stay in your home and eat. The sacrifices being made in today's economy. Our iReporters are weighing in.
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HARRIS: So tough times, obviously. I mean, tough choices, especially for collectors. So why don't we do this? Oh, OK, iReport.com. Let's check a trip to CNN.com's iReport desk and check in at "Tyson's Corner" there. Tyson Wheatley, of course, one of the guys helping us run the iReport operation.
Tyson, good to see you. You know, if you're a collector and you don't have a job, sometimes you've got to find the thing that is most valuable, and you've got to move it and move it quickly.
TYSON WHEATLEY, CNN.COM PRODUCER: Yes. I mean, we've been hearing from people who are doing some really interesting things to raise some cash. And, you know, today we're talking about really we're talking about pawn shops and online marketplaces like eBay. Those are nothing new. People have been using those for years to make extra cash. But what we have been asking on iReport lately, is what is that experience like during an economic downturn? And we have been hearing from some iReporters lately who have felt compelled to sell off some prize possessions and due to tough economic times.
Let's start with Joe Renzetti of Columbus, Ohio. Let's take a look at this photo. You're looking at a full-scale replica costume of a storm trooper obviously from Star Wars. And Joe is a huge fan, he even got a chance to wear this costume at the Tournament of Roses Parade in Pasadena in March with George Lucas, so there's sentimental value attached to this. But replica costumes like this are an expensive hobby, they range from one $3,000.00, actually. So when Joe got married, he needed some extra cash to help pay for bills. So he put this outfit and some of his other collectibles on sale at eBay.
HARRIS: Did he sell it?
WHEATLEY: He sold this for $700.00 to a fan in France.
HARRIS: That's a big hit on what he probably paid for it, right?
WHEATLEY: Yes. I think so. But you know what? Joe doesn't have any regrets. He says that actually he got his use out of the costume and had to move on.
So that's not the case though from this next one I want to show you. This comes to us from Eric from Wittier, California. And Eric is a huge baseball fan. He sold his prize autograph photo of Mickey Mantle for $250.00.
HARRIS: Oh, that hurts. That one hurts.
WHEATLEY: Yes. Yes. And like many prize possessions, it's a sentimental value, really. Eric actually watched Mantel sign this and he got a chance to shake his hand and is now he says the $250.00 seems like pennies. He admits that any amount probably wouldn't have satisfied him. So why did Eric do this? Well, he got separated from his wife and then took a 10 percent pay cut on his job at work. So he says he's grateful to have a job, but he fears that, you know, the worst may be still to come. And really, no matter how bad things get, he kind of feels like he should have kept this autograph.
So two examples. They are. They're tough decisions that people are making, and we want to keep this conversation going, because it's really compelling stories. HARRIS: I tell you what, the storm trooper outfit, it was time to move on. But the Mantle baseball card? You really can't set a price.
WHEATLEY: Yes. That's where you draw the line, huh?
HARRIS: Draw the line there. You can't put a price on that.
Tyson, have a great weekend. Thank you, sir.
WHEATLEY: Thank you. You too, Tony, take care.
HARRIS: Laid off, tired of your job now is the time to reinvent yourself, follow your passion and make your dream come true. Really?
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HARRIS: You know, losing your job doesn't have to be the end of the world. We found some people who say getting laid off was one of the best things that ever happened to them.
Here's CNN's Carol Costello.
CAROL COSTELLO, CNN NATIONAL CORRESPONDENT (voice-over): Tony, so many people are losing their jobs, it's tough to see any kind of silver lining, especially if you've worked in one field your whole career. But if the worst happens, ask yourself, did you really love your job? You need that kind of job to be happy. If the answer is, no, and no, that pink slip could mean a whole new happier life.
(BEGIN VIDEOTAPE)
COSTELLO (voice-over): Welcome to one of Chicago's hottest small businesses, The Silly Cheese Salon and Spa.
JENNIFER JACKSON, CO-OWNER, THE SILLY CHEESE SALON AND SPA: I'm on a playground all day. You know? It really is. It is really, really fun.
COSTELLO: That's co-owner Jennifer Jackson who used to work in corporate America as an electrical engineer with all the perks. But she got laid off. She tried teaching. Got laid off from that, too. It's enough to send anyone into a depression deeper than the recession. But Jackson saw it as an opportunity.
JACKSON: You know, I've always been a risk taker all my life. I always felt like unless you step out there on faith an try something different, you'll never know your true potential.
COSTELLO: So, in her mid-30s, with little savings, Jackson went to beauty school, found a partner, bought a salon. Her story is not unusual. Many laid off Americans are looking for work, but are also discovering the answer in this recession might be to switch gears completely and do what you love.
UNIDENTFIED FEMALE: I'm actually finding that it's kind of a post 9/11 effect, similar to that, where people when they're contacting me, they're taking a hard look at their lives and is their life going in the direction that they want it to?
COSTELLO: Walter Kirschbaum (ph) asked himself that question after finding himself without a job after 30 years on Wall Street. He found he didn't want to go back, he wanted to fix antique clocks. So he uses $25,000 in savings to open up his own shop and he's never looked back. The secret, he says - find something you love.
WALTER KIRSCHBAUM (ph), CLOCK SHOP OWNER: What would make you want to get up every day, get out of bed and do something when you come up with that answer. The second question is, is there a way I can make money out of that activity.
COSTELLO: Both Kirschbaum (ph) and Jackson aren't as rich in dollars as they once were, but both say they're rich in something more important - happiness.
(END VIDEOTAPE)
COSTELLO: I know what you're thinking, both Jennifer and Walter had money galore socked away. Well, not true. Jennifer didn't. She also has a 10-year-old. What both Jennifer and Walter had was a plan, an enormous work ethic, a supportive family, and the wisdom to know they did not need a corporate job any longer to define them - Tony.
HARRIS: Thanks, Carol.
Tracking your taxpayer dollars. Elizabeth Warren promised us on this program she would follow your money. The woman in charge of policing the bailout in the next hour of the CNN NEWSROOM.
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HARRIS: A whole lot of people are looking for jobs. Some are looking for new careers as well, but with so many "for sale" signs and so few home buyers out there, why the heck would anyone want to go into real estate?
CNN's Maggie Lake found out.
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MAGGIE LAKE, CNN CORRESPONDENT (voice-over): It's tough to find a seat in this Manhattan classroom where dozens are studying to become licensed real estate agents. That's right, in the midst of one of the worst housing crises to hit the U.S., these folks want to go into real estate.
(on camera): The first question I wanted to ask you was, are you crazy?
THEO FIORILLO, REAL ESTATE STUDENT: Everybody believes that there is no opportunities, but if you're not going to be an entrepreneur, down times are always opportunities for entrepreneurs. That's how this country got built. LAKE: So you think this is a perfect time?
FIORILLO: I do.
SANTIAGO ROSADO, REAL ESTATE STUDENT: I might as well do it now while everything down. Once this thing gets back on the upswing again, I want to be in the middle of it.
LAKE (voice-over): Some think the media is making things sound worse than they are.
MARIA CORTEZ, REAL ESTATE STUDENT: There is always going to be people who need to live someplace because they're not going to live on the street. Whether they buy or rent, they need a place to be. And they need us to help them find those places.
LAKE: Others are confident they have what it takes to survive.
TENECIA MARBURY, REAL ESTATE STUDENT: I used to be homeless at one time in my life. So, for me to be in real estate, I want to be able to help those who don't have the ability to actually get a home be able to have a roof over their heads.
LAKE: Despite their enthusiasm, teacher Bill Plunkett says many of these would-be real estate barons won't make it.
BILL PLUNKETT, REAL ESTATE TEACHER: It's chaotic. And they got to get ready for it. The sad part is, some of them, when they first get out there, they don't realize the work.
LAKE: But for these students, hitting it big in New York is worth the gamble.
(on camera): Are you scared though when you see the headlines that you're going to do this and not make any money for a long time?
UNIDENTIFIED MALE: No. It's just preparation for the future.
LAKE (voice-over): A wildly uncertain future for a group of determined dreamers.
Maggie Lake, CNN, New York.
(END VIDEOTAPE)
