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American Morning: Wake Up Call
Steve Jobs: 1955-2011; Steve Jobs' Legacy; Sarah Palin Not Running In 2012; Bank Of America Defends $5 Fee
Aired October 06, 2011 - 05:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: First this morning, Steve Jobs transformed computers and a culture. The Apple co-founder and technology pioneer has passed away. He was 56 years old. His vision made an impact around the world. This morning we'll take you live from China to London.
And what's next for Apple without its visionary? Predictions from industry analysts.
Good morning to you. It is Thursday, October 6th. This is your A.M. WAKE-UP CALL."
I'm Carol Costello, joining you live from New York this morning.
Thing morning, we're bringing you special coverage on the death of Steve Jobs. He may be remembered best for knowing what we wanted long before we even knew we wanted it. And more than just a pioneer that changed technology, jobs changed the way we interact with technology -- the iPod, the iPhone and the iPad. And long before those, something called a mouse.
In many ways, Steve Jobs was Apple. It was his face we saw at nearly every major product launch. A makeshift memorial is growing at Apple's the California headquarters.
As our Dan Simon tells us, Steve Jobs was as unique as the devices he helped create.
(BEGIN VIDEOTAPE)
STEVE JOBS, APPLE FOUNDER AND CEO: Today Apple is going to reinvent the phone.
DAN SIMON, CNN CORRESPONDENT (voice-over): Steve Jobs was a modern- day Thomas Edison.
JOBS: You can do multi-finger gestures on it and, boy, have we patented it.
SIMON: He didn't have a patent on his own look but he was rarely seen without tennis shoes, Levi's and a black shirt. He was legendary for his flair and showmanship.
JOBS: Amazing. And the screen literally float in midair. SIMON: Stephen Paul Jobs was born in San Francisco. His mother, an unwed college student, put him up for adoption. He developed an early interest in computers, going to after-school lectures at Hewlett- Packard.
After high school, he attended Reed College but only for one semester. At just 20 years old, he started Apple Computer in his garage with friend Steve Wozniak.
JOBS: We worked hard, and in 10 years, Apple had grown from just the two of us in a garage into a $2 billion company with over 4,000 employees.
SIMON: That was Jobs in 2005, giving the commencement address at Stanford University.
JOBS: You have to trust in something -- your gut, destiny, life, karma, whatever. Because believing that the dots will connect down the road will give you the confidence to follow your heart, even when it leads you off the well-worn path. And that will make all the difference.
SIMON: In 1984, Apple introduced a machine that changed our lives forever, the Macintosh -- revolutionary because it made computers easier to use. It had a funny little thing called a mouse that allowed users to change fonts.
But the Mac was expensive and sales were sluggish. In 1985, Steve Jobs was forced out of Apple. But it turned out he was just warming up.
BUZZ LIGHTYEAR: I'm Buzz Lightyear, space ranger.
SIMON: In 1986, he bought Pixar Animation Studios, which later produced hits like "Toy Story." He also started a computer company called NeXT.
JOBS: I hope you get a chance to look at this a little later. It's the most beautiful print and circuit board I've ever seen in my life.
SIMON: The technology was so innovative that in a twist of fate, Apple bought NeXT and Steve Jobs went back to work for the company he started.
His second act, considered one of the greatest CEO tenures of all time.
JOBS: It's called the iPod touch.
SIMON: Who knew a computer company would change how we listened to music? Steve Jobs introduced the iconic iPod --
JOBS: Just slide it across. Boom.
SIMON: -- the iPhone, and later what some believe would be his grandest achievement, the iPad. JOBS: That's what it looks like. Very thin.
SIMON: Apple dropped the computer from its name to reflect the company's expansion into consumer electronics.
JOBS: Now I'm going to take this morning and talk about the iPhone.
SIMON: In recent years, Jobs no longer appeared his usual self. He was noticeably thin and frail. And investors and Apple faithful grew alarmed because of Jobs' past struggle with pancreatic cancer.
In 2009, Jobs revealed he had a liver transplant after taking a six- month leave of absence. But he returned to the stage with his usual vigor.
JOBS: It is our new MacBook Air and we think it's the future of notebooks.
SIMON: Eventually, though, his struggle with ill health led him to step down as CEO. In a letter to the Apple board of directors, Jobs wrote, "I have always said if there ever came a day when could I no longer meet my duties and expectations as Apple CEO, I would be the first to let you know. Unfortunately, that day has come."
"I have made some of the best friends of my life at Apple," he added. "And I thank you for all the many years of being able to work alongside you."
Steve Jobs' legacy can be found in his devices -- long anesthetics and attention to detail. He followed his heart, and with his technology --
JOBS: We are calling it iPhone.
SIMON: -- changed the world.
Dan Simon, CNN, San Francisco.
(END VIDEOTAPE)
COSTELLO: News of Steve Jobs' death is sending shock waves around the world. All through the night, tributes have been pouring in from world leaders to entertainers to tech icons -- everyone is celebrating Steve Jobs' genius and his vision.
Let's go to Hong Kong and Kristie Lu Stout. She has reaction from there.
Good morning.
KRISTIE LU STOUT, CNN INTERNATIONAL ANCHOR: Hello there, Carol.
And right now, the loss and his loss is being bore, tributes for Steve Jobs is coming in from all over the world -- from world leaders and titans of technology, his former rivals. Microsoft founder Bill Gates said this. He said, quote, "The world rarely sees someone who has had the profound impact Steve has had. The effects of which will be felt for many generations to come." He goes on to say, "For those of us lucky enough to get to work with him, it has been an insanely great honor. I will miss Steve immensely."
And the founder of Facebook, Mark Zuckerberg, also reflected on the death of Steve Jobs. He said this, "Steve, thank you -- thank you for being a mentor and friend. Thanks for showing what you build can change the world. I will miss you."
And U.S. President Barack Obama shared his thoughts with us. He said, "Steve was among the greatest of American innovators -- brave enough to think differently, bold enough to believe he could change the world and talented enough to do it."
So, Carol, all these tributes coming in and all of them highlighting the same core attributes, the innovation and vision of Steve Jobs.
Back to you.
COSTELLO: I know, Kristie, you visited an Apple Store in Hong Kong recently. I know here in New York, in the Apple Store, there are tributes -- you know, people are leaving flowers and remembrance notes and things like that. Is the same thing happening over there?
STOUT: It is the same thing over here. I was just at the Hong Kong Apple store just a couple hours ago. In fact, one of the world's newest Apple Stores is the one here in Hong Kong which just opened a few weeks ago, on September the 24th. And the fan tributes are definitely there.
(BEGIN VIDEO CLIP)
STOUT: The iVigil is under way here in Hong Kong. And as you can see, the local media, they are here to report on it. And ardent fans, all the day, they've been leaving flowers, notes, messages. In fact, just now, we saw one fan leave, this model of Steve Jobs. He placed him on the altar, he bowed to it and then he walked away.
Steve Jobs, he has a massive following here in Hong Kong. In fact, according to Apple, they said that on the day of its opening, just a few weeks ago, they sold more Macs here than any other store around the world.
And one more thing I want to show you, the Apple logo usually glows white. Today, it's been turned off.
(END VIDEO CLIP)
STOUT: And, Carol, news of a formal Hong Kong vigil, it's racing through social networks. One is due to start at 7:00 p.m. tonight. And there's also a global vigil, one that's called Black Turtleneck Friday. It's being organized on Facebook. And participants are being asked to bring flowers, to bring candles or an iCandle. And I have one right here. I mean, that's a virtual candle displayed on an iPhone -- a most fitting tribute.
Back to you.
COSTELLO: I would have to say, that is a most fitting tribute.
The thing that was interesting about Steve Jobs, I think, is he had more than one great idea. Usually, a great innovator will have that one great idea, and then there will be no more. But Steve Jobs, he seemed to have an endless supply.
STOUT: That's right. It was endless from the very beginning -- from a new personal computer, to how he revolutionized music with iTunes and, of course, iPods, to even how he's left an imprint on digital animation with Pixar. We can't forget that he planted the seed for that company. He has revolutionized just so many different industries.
COSTELLO: Kristie Lu Stout, live in Hong Kong -- thank you.
We have much more on the death the Steve Jobs in a few minutes.
And in about 10 minutes, live reports from China and London with a closer look at Apple's international impact.
At 5:30 Eastern, we'll break down the decade of dominance for Apple under Steve Jobs and explain how the company rose to the top of the class.
At 5:45 Eastern, we'll take a look at what's next for Apple.
Besides the occasional Apple events, Jobs did not speak publicly very often. But he did offer words of wisdom while giving a commencement speech to students at Stanford back in 2005.
(BEGIN VIDEO CLIP)
JOBS: I'm pretty sure none of this would have happened if I hadn't been fired from Apple. It was awful-tasting medicine but I guess the patient needed it. Sometimes life's going to hit you in the head with a brick, don't lose faith.
I'm convinced that the only thing that kept me going was that I love what I did. You've got to find what you love -- and that is as true for work as it is for your lovers. Your work is going to fill a large part of your life and the only way to be truly satisfied is to do what you believe is great work, and the only way to do great work is to love what you do.
(END VIDEO CLIP)
COSTELLO: Steve Jobs, dead at the age of 56.
(COMMERCIAL BREAK)
COSTELLO: Twelve minutes past the hour. This is your A.M. WAKE-UP CALL. This morning, we're taking a look back at the life and legacy of Steve Jobs. The Apple cofounder died last night at the age of 56. We're highlighting some of his biggest achievements in his own words.
This from 1998:
(BEGIN VIDEO CLIP)
CHYRON: May 6, 1998. The iMac is introduced and becomes the fastest- selling computer in Apple's history.
JOBS: The strangest thing about Apple is that it hasn't had a good consumer product. Here's one of the best consumer brands in the world and they haven't had a compelling product under $2,000. And the one we introduced today, the iMac is incredibly sweet.
So, I think it's going to make a big difference. This $1,299 product is faster than the fastest Pentium II you can buy. You can go out and buy a 400 megahertz Pentium II and this thing smokes it. And so, it's amazing.
And the market has never had a consumer product this powerful and this cool-looking.
(END VIDEO CLIP)
COSTELLO: More on Steve Jobs' impact on the international tech world throughout the morning.
In other news this morning, we have the answer to a big political question -- yes, Sarah Palin, she's finally made a decision. She says she will not run for president next year. Palin ended months of speculation yesterday, saying on the Mark Levin radio program, quote, "Not being a candidate, you are unshackled and able to be more active. I look forward to urging -- to using all my tools at my disposal to get the right people in there who have a servant's heart," end quote.
Palin's move comes one day after New Jersey Governor Chris Christie announced that he will not seek the Republican nomination.
If you're upset over Bank of America's new $5 monthly fee on debit cards, the latest word from CEO Brian Moynihan may trigger unmitigated outrage. He defends the move, saying the customers and shareholders understand that the company has the right to make a profit. We're talking now about the nation's biggest bank which has made billions in dollars of profits last year. The announcement already has sparked heated comments on Capitol Hill, Facebook and a petition with 135,000 signatures.
The grassroots demonstrations against Wall Street are spreading to more cities today, including Philadelphia, D.C. and Tampa.
(BEGIN VIDEO CLIP)
CROWD: Occupy. Everywhere. Occupy. Everywhere. Occupy. Everywhere. (END VIDEO CLIP)
COSTELLO: That's what it looked like in New York City yesterday. That's where the "Occupy Wall Street" protest started three weeks ago. Union members added their muscle, joining thousands in what was said to be the movement's largest protest so far. Things were mostly peaceful but a few protesters scuffled with police after they reportedly tried to get through a police barricade. Police made about 28 arrests, mostly for disorderly conduct.
One person you can be sure will not be joining those protesters today, Republican presidential candidate Herman Cain. The former CEO of Godfather's Pizza minces no words when giving advice to the Wall Street protesters. In an interview with "The Wall Street Journal," Cain said, quote, "Don't blame Wall Street. Don't blame the big banks. If you don't have a job and you're not rich, blame yourself."
Cain also says the protests are planned and orchestrated to distract what he says are the failed policies of President Obama.
He helped put the world in the palm of your hands. Coming up next, global reaction to the death of Steve Jobs.
It's 16 minutes past the hour.
(COMMERCIAL BREAK)
COSTELLO: It's 17 minutes past the hour.
This morning, we're bringing you special coverage on the death of Steve Jobs.
For many of us, these technological innovations changed our world. And it seems like the entire world is reacting to the Apple co- founder's death. Take a look at the scene in Tokyo. A makeshift memorial has popped up with flowers and notes saying, "Thank you, Steve."
And that's just one area, one part of the world mourning Jobs' death.
To gauge reaction from east to west, we have Eunice Yoon in Beijing and Jim Boulden in London.
Let's head first to Beijing in Eunice.
What's the sentiment there?
EUNICE YOON, CNN CORRESPONDENT: Well, Carol, Steve Jobs was affectionately referred to (SPEAKING CHINESE) which roughly translates to master jobs. He was equally admired here as he was in the United States. But because the industries here in China are seen as generally less innovative, he was really elevated to a cult-like status.
Now, we managed to go down to some of the stores here and saw people laying flowers as well as leaving cards. And, generally, people were saddened by his passing.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE (through translator): He made great contributions to the world because he created Apple and gave so many of us a chance to enjoy these high-end gadgets.
UNIDENTIFIED FEMALE (through translator): I hold very high regard for him. He did a good job giving us one nice product after another.
(END VIDEO CLIP)
YOON: And, you know, Carol, you only have to look at the back of your iPod or your iPhone to really understand the special relationship that China has with Apple. On the back of nearly every single one of these things, you're going to see the words designed in California but assembled in China. And hat's another way in which Steve Jobs was really able to touch so many lives here because a lot of the factories here that make Apple products employ hundreds of thousands of Chinese migrant workers -- Carol.
COSTELLO: Eunice Yoon, reporting live from Beijing for us this morning -- thank you.
From east to west now, Jim Boulden is outside an Apple Store in London. So, Jim, how are those there respond together passing of Steve Jobs.
JIM BOULDEN, CNN CORRESPONDENT: Yes, Carol, this is really the iconic store in Europe. This is a store in London's Regent Street, one of the first to open up outside the U.S. And already, it's only been opened for about an hour. And already, you'll see that there have been a few flowers laid here. And actually, someone leave an Apple, bit into the core and left an Apple as a symbol.
And also, even though his death was actually reported early this morning, some of the newspapers were able to keep up to date and show us -- this is "The Financial Times" talking about Jobs, the creative genius. This is "The Guardian" newspaper here in London saying the Apple mastermind changed technology forever.
That's my other point, Carol. You know, when Steve Jobs started, when he went into all these other sectors, music, and phones, there were a lot of competitors here in Europe. And, frankly, they have not been able to keep up. So, the legacy in Europe is, I think, is that many of the companies he competes with are suffering or have gone out of business. They haven't been able to keep up with Steve Jobs or Apple -- Carol.
COSTELLO: Jim, another fascinating aspect of this, Steve Jobs was able to touch some sort of emotional cord in people. He wasn't just a businessman, you know, dealing with cold, hard facts, or dealing with technology and then selling it. He touched an emotional cord in people.
Why do you think that is? BOULDEN: I think one of his best quotes really is when he said sometimes you have to introduce products that people don't know that they want. And then when you had something like the iPad came out, which in the beginning, people thought before they got their hands on it, it wouldn't be a success. And then it turned out to be a success.
You can't have this kind of success where emotional attachment, you see when people go into stores, like this one in Regent Street, if the products don't work -- if the feel, the touch, the promise isn't delivered. And the one thing you can say about most of the products that came out of Apple after Steve Jobs returned as CEO, is that those products delivered. And that's true anywhere in the world.
COSTELLO: And not only that, Jim, but I think the way that Apple designed its computers, they were works of art. They just weren't like, you know, a computer. You like to look at them, you like to touch them. You kind of like -- and the way they looked sort of inspired this emotional connection.
BOULDEN: And one of the things from the business point of view that's fascinating when you think of the iTouch coming out, it actually led to more sales of the more expensive product as well because people got used to being able to play music and how easy and how it felt in your hands. And that people said, well, that's really nice. Maybe I'll go get myself one of -- an Apple PC instead of a PC from somebody else. And the design of it were so key.
And there were designers from Europe that Steve Jobs brought in. Not everything was just his idea. I think part of his brilliance was the people he hired, the people he brought around him. And they were at the top of their game as well.
COSTELLO: He was tough on them, too.
Jim Boulden, live from London, thanks so much.
We have much more coverage on the death of Steve Jobs throughout the hour. In about ten minutes, we'll break down the decade of dominance for Apple under Steve Jobs and explain how the company rose to the top of the class.
Up next, he's picking up more support in the polls but will remarks about American Republican presidential candidate Herman Cain, remarks he made about the unemployed backfire against him? That's just ahead.
It's 23 minutes past the hour.
(COMMERCIAL BREAK)
COSTELLO: It's 25 minutes past the hour. This is your A.M. WAKE-UP CALL.
This morning, we're taking a look back at the life and legacy of Steve Jobs. The Apple co-founder died last night at the age of 56. We're highlighting some of his biggest achievements in his own words.
This from 2001:
(BEGIN VIDEO CLIP)
CHYRON: October 23, 2001. The iPod revolutionizes the portable music player.
JOBS: What is iPod? IPod is an MP3 music player, has CD quality music, and it plays all of the popular open formats of digital music. But the biggest thing about iPod is it holds 1,000 songs.
Now, this is a quantum leap because it's your -- for most people, it's their entire music library. This is huge.
The coolest thing about iPod is that whole -- your entire music library fits in your pocket.
(END VIDEO CLIP)
COSTELLO: More on Steve Jobs' impact on the international tech world throughout this morning.
Time now for your Political Ticker with Tim Farley, host of "Morning Briefing" on Sirius POTUS, live from Washington, D.C.
Good morning, Tim.
TIM FARLEY, SIRIUS POTUS: Good morning, Carol.
COSTELLO: Let's talk a little bit about Herman Cain because he's surging in the polls. In some polls, he's actually tied with Mitt Romney.
But he had some harsh words about the Wall Street protesters. In an interview with "The Wall Street Journal," Cain said, quote, "Don't blame Wall Street. Don't blame the big banks. If you don't have a job and you're not rich, blame yourself."
Tough words. I know that many Republicans believe this -- personal responsibility should come first. But could his words backfire on him just as he's starting to gain traction?
FARLEY: He could have probably found a more elegant way of expressing what you just said. But Republicans do believe in that, is that there is a certain amount of personal responsibility involved.
But Herman Cain is what he is. And nobody is going to tell him what to do. Nobody is going to tell him what to say. He's confident enough in his own skin to say what he wants. Sometimes, people like a blunt talker. And, quite frankly, I'm not sure that a lot of the people who would support Herman Cain are among the "Occupy Wall Streeters" who have been taking part in these protests both in New York and other parts of the country.
I think the rise in the polls for Herman Cain right now puts him in an unusual position, that is on Tuesday, he will find himself being the target of a lot of attacks during the next debate of the Republican candidates. And Herman Cain is going to have to show he's more substantive than just this very, very positive and upbeat fellow which I think is something that is attractive to a lot of people. It's not just Republicans. It's Democrats alike. They like somebody upbeat and positive which he certainly is, and he has that story to tell.
Whether or not that particular comment redounds to his detriment yet remains to be seen. But he is who he is. I mean, that's the way he's going to say what he says.
COSTELLO: A lot of political analysts say he's just a place holder and that this surge in the polls really means nothing. It means that -- kind of like Republican support for candidates is still in flux.
I mean, what do you make of that? Some people don't count Rick Perry out yet. You know, his initial surge in the polls was great.
Right, go ahead.
FARLEY: I wouldn't count anybody out at this particular point because we do have a few more debates. We have some contests to run. They've actually changed the primary schedule again because Nevada is now going to be doing it January the 14th.
So, what we are going to see now that we know that Sarah Palin is not running, as you mentioned earlier, that means that people are going to have to start looking more closely at these candidates and not wait for the next -- the ideal prom date, if you will. And they're going to have to decide who they want and they're going to start looking more closely at these candidates, at least Republicans are. And I think that's how you'll see this play out.
I don't know how long term Herman Cain is. I think he's certainly somebody to be reckoned with and I also think that Ron Paul will still have an effect on this because he's in this for the long term. But, no, I wouldn't count anybody out, including Rick Perry, before we've had our first caucus or primary, Carol.
COSTELLO: Well, the most interesting thing about Herman Cain is he's doing this with little money, right? Because --
FARLEY: And a lot of pizza.
COSTELLO: -- Ron Paul raised $8 million?
And a lot of pizza, right. But it's amazing that he's doing this with very little money in his campaign coffers.
FARLEY: Ideas don't cost anything.
CAROL COSTELLO, CNN ANCHOR: He's doing this with very little money in his campaign coffers.
TIM FARLEY, "MORNING BRIEFING," SIRIUSXM P.O.T.U.S.: Ideas don't cost anything. And, the strong personality will out, and he's got his book out now. There are some people thinking he ought to be spending a little more time in Iowa doing that retail politicking, but, you know, as I said Herman Cain is who he is. They'll run the campaign along with his advisors the way that he wants to, and we'll see how it goes.
The money, though, is going to be key. We haven't seen his numbers yet. Rick Perry did announce 17 million for the quarter. That's pretty impressive. And Mitt Romney is going to be pretty to that, and Ron Paul is 8 million. So, we're seeing a lot of money already in this campaign, and those people who have that kind of money can certainly go for at least two or three times fast (ph).
COSTELLO: Tim Farley, many thanks. Tim Farley from Sirius radio in Washington, D.C.
This morning, we're remembering Steve Jobs, the man who brought us the iPod, the iPhone, the iPad, his impact on Apple's bottom line over the next decade, just ahead.
(COMMERCIAL BREAK)
COSTELLO: Good morning to you. It is Thursday, October 6th. This is your A.M. WAKE-UP CALL. I'm Carol Costello joining you live from New York this morning. It's 34 minutes past the hour.
We're taking a closer look at the direct impact Steve Jobs had on Apple's bottom line. Jobs co-founded the company, and over the last ten years, its growth has been unmatched. So, how did the company become so dominant over the past decade? Christine Romans is with me in New York.
So, Christine, Apple stock is up, what, 9,000 percent since its return 15 years ago? So, how did the company continue to grow even through a recession?
CHRISTINE ROMANS, CNN BUSINESS CORRESPONDENT: I mean, if you've been to an Apple store recently or anytime over the past, I'd say, five years, you'll notice there's no recession in an Apple store. The past two years, the stock has done just phenomenally. And that's because Steve Jobs and his company, Apple computer, well, they dropped the computer. Why?
Well, because they're doing things like music and phone. They gave the world things, Carol, that the world didn't know it wanted, and that is true leadership. That is the leadership of Steve Jobs, that he was able to put his reputation and the talents and the money of his company behind things that were completely unproven and had never been tried in modern society.
And they worked. They really did. America didn't know it needed the iPhone. The world didn't know it needed the iPad. And now, these are some of the fastest growing technological devices in history. One thing about Steve Jobs that I think is pretty interesting, he's a computer nerd, but he's also a salesman.
He was also an artist and a cult hero. All together these are the kinds of attributes that we rarely, rarely see in an innovator, inventor, a CEO, a very, very rare combination. That rare combination of talents and the kinds of products that he has been spearheading over the past few years, quite frankly, that's why the stock has done so well.
Carol, $10,000 in Apple stock purchased when he came back to the company the end of 1996, beginning of 1997 would be worth $640,000 today -- Carol.
COSTELLO: Wow. That's just amazing. You talk about his marketing genius and the way he talked to people. If you compare, you know, his tone and how he talked to people and embraced the consumer with that of other CEOs, for example, the Bank of America guy came out, you know, and talked about those debit card fees.
And he says, you know, every company has the right to make a profit. I could never imagine Steve Jobs actually saying that.
ROMANS: Steve Jobs also wanted to make a profit. Make no mistake. I mean, he wanted to change the world, but when you look at what that company has done, I mean, he was very, very attuned and attentive to his shareholders, and that's what public companies do.
The theory is that when you are a public company, you respond to your shareholders and by making your customers happy, by making your clients happy, by making good products you make your shareholders happy and the stock goes up. And ultimately, you keep score with the stock price.
And Apple computer has certainly -- I keep saying Apple computer, it shows you - doesn't it show you, at its core, this is a computer company that's changed, but I still -- I mean, I have an Apple 2E in my garage, you know? I mean, this is a company that has reason (ph) with I would say -- you know, he's a baby boomer, generation X, generation Y, I mean, I has changed.
Carol, here's something else. I mean, I heard Kristie Lu Stout mentioned this before. You know, hundreds of thousands of people have a job in China because of Steve Jobs. I mean, it's connected American teenagers with baby boomer and even I would say silent generation Americans and migrant workers in China.
I mean, he has changed the world. On a scale, I think you have to look at Henry Ford and Thomas Edison. He will be in the history books along side those gentlemen.
COSTELLO: Yes. And again, I think he spoke the language of the consumer. And, yes, I know he was beholden to his, you know, shareholders, but, you didn't get that sense from him, and I think that's what makes a marketing genius as well.
ROMANS: Yes.
COSTELLO: Christine Romans, I'll join you in just a bit. Thank you so much.
We have much more coverage on the death of Steve Jobs throughout the hour. In about ten minutes, we'll ask CNN's Richard Quest what's next for Apple?
But first, more of Steve Jobs in his own words. Here's Steve giving a speech to Stanford graduates back in 2005.
(BEGIN VIDEO CLIP)
STEVE JOBS, CO-FOUNDER OF APPLE: You can't connect the dots looking forward. You can only connect them looking backwards. So, you have to trust that the dots will somehow connect in your future. You have to trust in something, your gut, destiny, life, karma, whatever, because believing that the dots will connect down the road will give you the confidence to follow your heart, even when it leads you off the well-worn path, and that will make all the difference.
(END VIDEO CLIP)
(COMMERCIAL BREAK)
COSTELLO: Forty-one minutes past the hour. This is your A.M. WAKE-UP CALL. This morning, we're taking a look back at the life and legacy of Steve Jobs. The Apple co-founder died last night at the age of 56. We're highlighting some of his biggest achievements in his own words. This from 2007.
(BEGIN VIDEO CLIP)
JOBS: Today, Apple is going to re-invent the phone. An iPhone. A phone. And an internet communicator. An iPod, a phone.
(APPLAUSE)
JOBS: Are you getting it? These are not three separate devices. This is one device.
(APPLAUSE)
JOBS: And we are calling it iPhone.
(END VIDEO CLIP)
COSTELLO: More on Steve Jobs' impact on the international tech world throughout this morning.
In other news, though, we have the answer to a big political question. Sarah Palin says she will not run for president next year. Palin ended months of speculation speaking on the Mark Levin radio program that, quote, "not being a candidate, you are unshackled and able to be even more active. I look forward to using all my tools at my disposal to get the right people in there who have a servant's heart," end quote.
Palin's move comes one day after New Jersey governor, Chris Christie, announced that he won't the seek the Republican nomination.
If you're upset over Bank of America's new $5 monthly fee on debit cards, the latest word from CEO, Brian Moynihan, may trigger unmitigated rage. He defends the move saying the customers and shareholders understand that the company has a right to make a profit.
We're talking now about the nation's biggest bank which made billions of dollars in profits last year. The announcement has already sparked heated comments on Capitol Hill, Facebook, and a petition with 135,000 signatures.
The Reverend Fred Shuttlesworth, a major civil rights leader, who survived beatings and bombings has died. The Birmingham Civil Rights Institute said Shuttlesworth died in that city yesterday. He was 89. He helped Martin Luther King Jr. establish the southern Christian leadership conference in 1957.
That same year, he was beaten within chains and whips while trying to integrate a Birmingham public school. The year before his Birmingham home was bombed, but he and his family were not injured. In a statement, President Obama said Shuttlesworth was a statement to the strength of the human spirit.
His impact and how we live stretched far and wide. Steve Jobs' innovations in the global marketplace next in a live report from London. It's 44 minutes past.
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COSTELLO: Good morning to you. It's Thursday, October 6th. This is your A.M. WAKE-UP CALL. I'm Carol Costello joining you live from New York this morning. It's 47 minutes past the hour.
From Tokyo to Beijing, to Singapore and points in between and beyond, Steve Jobs and his amazing innovations changed the way people went about their daily lives. CNNs Richard Quest joins us from London with insight on the Steve Jobs' revolution. So, Richard, your first reaction to Jobs' death?
RICHARD QUEST, CNN INTERNATIONAL CORRESPONDENT: Well, obviously, you look at it from so many different areas. I was just writing a list of listening to the various tributes coming out. What are the common words people that say, innovator, entrepreneur, visionary, chief executive, but the thing with Steve Jobs is, he pulled them all together.
So, not only did he have the ideas, he executed them and managed to get them into the consumers' hands and shops. Now, I say that, and it sound so trite. Bear in mind, Carol, just how many business leaders fail at some stage in that process. He didn't just do it with one item, the Apple computer or the Apple.
He did it with the apple 2. He then went on to the iPhone, iTunes, iPad, and so on. And then, of course, you have the sideline where you have Pixar, and you end up with a totality of a picture that makes you question and wonder what happens to Apple and how Apple keeps that momentum, that mojo if you'd like, as it moves forward -- Carol.
COSTELLO: Well, Tim Cook took over the company. Supposedly, Steve Jobs groomed him for that role.
QUEST: Yes. And there is -- look, this is the problem. This is the difficulty. Apple spends and Apple people spend a lot of time telling us that Steve Jobs' fingerprints were on every product they make. He was a micromanager who was into the design, the technology, the style, the substance. So, if that's true, then what happens to an Apple without him?
And if it's not true, then, of course, Apple succeeds as it does. But they can't have the argument both ways. Either this was all Steve Jobs or the legacy has now been created that can be continued. The truth is, we will -- I hate that phrase, the old journalistic catch phrase, a get out of jail free card, which is, only time will tell.
Apple probably has a year or two worth of products in the pipeline. But if we just take a look at the iPhone 4s launch last week, one has to wonder whether or not a change has happened from which the company is going to be very different.
COSTELLO: Oh, you've got that right, because it was a dud. I mean, Apple has always been known for its marketing genius, right? But people were disappointed in that product. The said, we thought it was going to be an iPhone 5.
QUEST: Yes. And Apple's fault in that sense was not creating the iPhone 4s but for failing to manage expectations about what it was going to be. Now, of course, they must have known at that time that Mr. Jobs was critically ill, if not dying at that point. And in that scenario, it's that the timing is just very unfortunate.
Apple, the jury, I'm afraid, is going to be out on whether or not, as a company, it continues that innovative entrepreneurial groundbreaking spirit of Steve Jobs. It's a sad fact but true.
COSTELLO: Yes. You know, they did know because during that big, you know, announcement for the iPhone 4s they had an empty chair where Steve Jobs was to have, you know, have been seated. So, they knew that he was dying. It's really sad story. Richard Quest, thank you, as usual.
So, how do those who cover the world of business view Steve Jobs and his legacy? We asked them.
(BEGIN VIDEOTAPE)
ANDY SERWER, MANAGING EDITOR, FORTUNE: He is one of the most creative, tenacious, focused, singular human beings that I've ever met.
UNIDENTIFIED MALE: Incredibly charismatic, builder of products that people feel like they just have to have. And who does it better than anybody else has done it in our lifetime.
UNIDENTIFIED MALE: Steve Jobs is Silicon Valley's greatest rock star. That's it.
UNIDENTIFIED MALE: I don't think that what he has done will ever be repeated in our lifetime, in many ways.
PAUL LAMONICA, CNNMONEY.COM: Innovative, extremely intelligent is obviously an understatement and willing to take risks. I think a lot of companies tried to do similar things that Apple did and failed. And, I don't think that ever deterred him.
STEPHANIE MEHTA, EXECUTIVE EDITOR, FORTUNE: It's hard to know what the legacy of somebody like a Michael Dell will be. It's hard to know a little bit of what the legacy of Mark Zuckerberg will be. But there's no question that we know what Steve Jobs' legacy will be. He's one of the greats. He's up there with Henry Ford and a handful of other iconic CEOs in the annals of business.
JOBS: Thank you for having me.
(END VIDEOTAPE)
COSTELLO: Steve Jobs' health problems dated back to 2004 when he was diagnosed with a rare form of pancreatic cancer. Jobs took several medical leaves of absence, and in August of this year, he finally resigned as Apple's CEO. Our chief medical correspondent, Dr. Sanjay Gupta, talked with Anderson Cooper about jobs' health struggles over the past few years.
(BEGIN VIDEO CLIP)
DR. SANJAY GUPTA, CNN CHIEF MEDICAL CORRESPONDENT: He had a sort of variant, it was a type of cancer known as a neuroendocrine tumor. It's a tumor specifically of some of the cells in the pancreas that make various hormones, like insulin, for example. You saw that speech he gave at Stanford.
He talked about when he was diagnosed. They found a lesion in his pancreas. They thought it was an aggressive form of cancer. They did a biopsy, and he described this -- the doctors literally crying when they got the results back because it wasn't the most aggressive form of pancreatic cancer but rather this neuroendocrine tumor.
But, you know, the numbers are still tough, even with this variant, with pancreatic cancer. One-year survival rate, Anderson, is about 20 percent. With neuroendocrine tumor, five-year survival rate around 50 percent. So, it was, you know, the odds were sort of stuck against him. But eight years later now we're talking about, and he was high functioning really the whole time. He fought like crazy for eight years.
(END VIDEO CLIP)
COSTELLO: The cause of death has not yet been announced. Steve Jobs was 56 years old. He apparently died at home surrounded by his family. A check on how Apple shares are doing in overseas markets at this hour. A live report from the NASDAQ MarketSite. That's coming your way next. It's six minutes till the top of the hour.
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COSTELLO: Two and a half minutes till the top of the hour. This is your A.M. WAKE-UP CALL.
This morning, we're taking a look back at the life and legacy of Steve Jobs. The Apple co-founder died last night. He was just 56 years old. We're highlighting some of his biggest achievements in his own words. This is from last year.
(BEGIN VIDEO CLIP)
JOBS: The question has arisen lately, is there room for a third category of device in the middle? Something that's between a laptop and a smartphone? And of course, we've pondered this question for years as well. The bar is pretty high. In order to really create a new category of devices, those devices are going to have to be far better at doing some key tasks. And we call it the iPad.
(APPLAUSE)
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COSTELLO: Now, let's head to the NASDAQ MarketSite and check in with Carter Evans. I take at Apple shares -- Apple stock is down this morning.
CARTER EVANS, CNN CORRESPONDENT: Yes. Well, in Germany, Apple shares fell about 2.5 percent. Apple, by the way, is 15 percent of the NASDAQ 100. It's the most heavily weighted stock there. So, after- hours trading was halted. You know, everybody is talking about Steve Jobs today. I want to show you the picture on Apple's homepage. Take a look. Steve Jobs, 1955 to 2011.
Lots of things are attributed to Steve Jobs, but it is expected to have an impact on the market today. Let me show you Apple stock over here. Apple stock, shares are on hold right now. They're not allowed to trade after hours. So, we have really no indication of how they're going to open when the opening bell rings this morning here at the NASDAQ.
It is a -- it's a sad day, I think, for a lot of Apple fans out there. You know, if you had bought 100 shares of Apple stock when Steve Jobs took over in 1997, they were trading for about four bucks apiece, 400 bucks is what it would have cost you. They would be worth $38,000 today -- Carol.
COSTELLO: Just 56 years old, just so young, but he accomplished so much in his short life. It's just a sad day.
EVANS: Yes.
COSTELLO: Carter Evans live from the NASDAQ MarketSite, thanks so much.
EVANS: Sure.
COSTELLO: Our viewers on CNN international can keep it right here for more coverage on the life and legacy of Steve Jobs. Thanks for watching us today. Here in the United States, "AMERICAN MORNING" continues right now.
