Return to Transcripts main page

CNN Newsroom

Obama to Deliver Major Policy Address on Economy; New Poll Numbers for Ohio; House Democratic Leaders Putting Together Second Stimulus Package

Aired October 13, 2008 - 12:00   ET

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

TONY HARRIS, CNN ANCHOR: And hello again, everyone. I'm Tony Harris. And here are the headlines from CNN on Monday, October 13th.
Barack Obama, his rescue plan for the middle class unveiled shortly. With 22 days to go, John McCain is scrambling to rescue his campaign.

What a difference a weekend makes. Dow stocks surging more than 500 points. Is all that government tinkering finally unfreezing credit?

You're in the CNN NEWSROOM.

And abrupt about-face on Wall Street. Stock markets rallying big-time after last week's record plunge. Check out the numbers right now. As you can see, the Dow is up 507 points.

We are keeping an eye on the Big Board throughout the hour, but right now, countdown to election, just 22 days away. The candidates concentrating on crucial states with just over three weeks to go. John McCain and running mate Sarah Palin revving up their supporters in Virginia.

We heard from McCain and Palin in a rally in Virginia Beach live last hour. He told the crowd, "I'm not afraid of a fight, I'm ready for it."

Democratic VP candidate Joe Biden on the trail in New Hampshire. At a rally last hour, Biden accused the McCain campaign of using attacks to shift attention away from issues that matter to voters.

(BEGIN VIDEO CLIP)

SEN. JOSEPH BIDEN (D-DE), VICE PRESIDENTIAL CANDIDATE: Every single baseless accusation that comes forward is an attempt to get you to focus on something other than what's going on in your family, other than something what's going on in your neighborhood, in your state. Beyond the attacks -- and I mean this literally -- beyond the attacks, what is John McCain really offering? What about the past eight years, what he'd do? What about the past eight years, what he'd change in the next four years?

(END VIDEO CLIP)

HARRIS: Let's get to the top of the ticket. Again now, Barack Obama's campaign says he will deliver a major policy address on the economy today. He is expected to outline his economic rescue plan for the middle class in the battleground state of Ohio next hour.

Jessica Yellin live now from Toledo, Ohio, with a preview.

And Jessica, I know you've been working hard to get some details of the plan ahead of the speech today. What have you learned?

JESSICA YELLIN, CNN CONGRESSIONAL CORRESPONDENT: Tony, so far, Barack Obama's campaign has outlined a number of new policy initiatives that they say could help jumpstart the economy immediately. What they say is needed are certain steps that will unfreeze credit, get people more jobs, and help with foreclosures now, not wait until there's a new president in office.

Among some of their proposals, Obama's calling for a temporary tax credit for companies that create new jobs in the next two years. He's calling for a 90-day moratorium on foreclosures of people who have the ability to pay their mortgages but are caught in those difficult mortgage subprime crisis syndrome, and that they should be forgiven for 90 days while they can reconstruct their mortgage plan.

He's calling for a new law that would allow folks -- this is interesting -- to withdraw up to $10,000 from their retirement plans now to give them some cash so they could spend it now without a tax penalty. These are a number of other ideas he's outlining, but these are three that would hit homeowners and consumers right away, and could help ease this credit crunch we're experiencing.

Obviously in the bigger picture, politically speaking, Tony, Barack Obama's trying to send the message that he has a comprehensive plan to solve this crisis and he's ready to get going the minute he would get to the Oval Office, if he gets there. Ambitious plans, Tony.

HARRIS: Jessica Yellin for us.

All right, Jessica. Appreciate it. Thank you.

Ohio, once again a key battleground state, and we have some new Ohio poll numbers.

Our Senior Political Analyst Bill Schneider live from Hempstead, New York, scene of the next and final presidential debate.

Bill, good to see you. What about those new numbers?

WILLIAM SCHNEIDER, CNN SR. POLITICAL ANALYST: Well, what they show is Obama leading in that crucial battleground state of Ohio, but by a narrow margin. Our Poll of Polls shows Obama with 49 percent, just shy of the majority, and John McCain with 46 percent.

Obama is there in Ohio today to unveil his economic rescue plan, as he calls it, for the middle class. But notice something interesting in the Ohio poll. Five percent are unsure. Obama can't really feel comfortable in any battleground state unless his lead is larger than the number of unsure voters. Why? Because very few African-American voters are unsure how they're going to vote. The unsure vote is overwhelmingly white.

They could end up going solidly or almost solidly for John McCain. If that five percent of the vote now unsure goes for McCain on Election Day, that will overtake the three-point lead that Obama has in Ohio right now. So you always have to look at these polls and look at the number of unsure voters and ask, is it larger, as it is in Ohio, is it larger than Obama's lead?

HARRIS: Yes. You know, Bill, what you've described there sounds like the very definition of soft support there in Ohio for Barack Obama.

SCHNEIDER: Well, narrow support for Barack Obama. The unsure voters may legitimately be unsure. Some of them could be voters who do have a preference and simply are unwilling to express it to poll takers. We don't know, but Obama cannot breathe easy anywhere where his lead is smaller than the number of unsure voters.

HARRIS: That's a good point.

OK, Bill. Appreciate it.

Bill Schneider for us.

Bill, as always, thank you.

And again, join the best political team on television for debate night in America. The final face-off for John McCain and Barack Obama Wednesday night, live from Hempstead, New York.

House Democratic leaders are putting together a second stimulus package today.

CNN's Kate Bolduan on Capitol Hill.

And Kate, good to see you. How much and what's in it?

KATE BOLDUAN, CNN CORRESPONDENT: Well, those are two very big questions right now, Tony. What we hear from a spokesperson for House Speaker Nancy Pelosi is that this second major stimulus package here could cost as much $150 billion. Yes, billion with a "B."

Now, right now, as you mentioned, Tony, House Democratic leaders are meeting with a group of economists to kind of discuss what details would be included in a possible -- in another stimulus. And House Speaker Nancy Pelosi did address cameras on the topic at the very beginning of the meeting.

Listen here for a little of that.

(BEGIN VIDEO CLIP) REP. NANCY PELOSI (D), HOUSE SPEAKER: Each and every one of the people who is here today will take us to a new place in our thinking on how we, again, protect the taxpayers, create jobs, stabilize our economy and the markets, and do so in a way that is fair to the American people.

(END VIDEO CLIP)

BOLDUAN: Now, what we're told on this package, what would be different about this one, is there would be a very heavy emphasis on help to state and local governments, so many of which are facing some very serious budget concerns right now. Now, what kind of help that could come -- what kind of help would that be? Well, what we're hearing are some of the options being tossed around, is money to help states pay -- deal with their Medicare costs, as well as infrastructure money for roads and bridges to help spur job creation. Also, possibly an extension of unemployment insurance and money for food stamps programs, and also money for low-income energy assistance.

So there could be many things in this plan right now, but the big question is, will Republicans sign on to this, Tony? Well, the jury is still out on that one yet. House Republicans haven't come out voicing outright opposition, but some have raised concerns, questioning the motives of the Democrats for saying they're going to call Congress back after the election.

They're saying, why don't you call people back before the election if this is so urgent? They also say they just want to see more details on this proposal -- Tony.

HARRIS: All right. Kate Bolduan on Capitol Hill for us.

Kate, thank you.

BOLDUAN: Of course.

HARRIS: Speaking of signing off, the Federal Reserve is signing off on Wells Fargo's purchase of Wachovia. Citigroup had a deal to buy Wachovia with government backing, but after Wells Fargo stepped in, Citi bowed out last week, saying instead it will sue Wells and Wachovia. The Fed expects the Wells Fargo/Wachovia buyout to close in as little as, if you can believe this, five days.

Strong Santa Ana winds are fanning a wildfire that's already burned more than 3,000 acres just north of Los Angeles. Flames have forced more than 1,000 people to evacuate.

We're going to see if we can get some daylight pictures here, the most recent pictures of this. Officials say so far, at least 20 mobile homes and multiple structures have been damaged or destroyed, and a three-mile stretch of a major freeway had to be shut down at rush hour.

Firefighters are also battling an out-of-control blaze on the historic Angel Island in San Francisco Bay. That fire has charred about 250 acres, but firefighters say none of the historic buildings at the state park have been damaged. Angel Island was used to quarantine sick immigrants in the 19th century.

(WEATHER REPORT)

HARRIS: We're going to take a break.

When we come back, when mold, yes, nasty mold, takes over. A university battles its growing problem.

(COMMERCIAL BREAK)

HARRIS: Health inspectors are back on the campus of a Florida university today, checking to make sure workers got rid of the mold problem.

Constance Jones has the story from Miami Gardens, Florida. She is with our affiliate WPLG.

(BEGIN VIDEOTAPE)

CONSTANCE JONES, WPLG REPORTER (voice-over): Black, fuzzy mold, growing on walls and bathroom tiles.

UNIDENTIFIED FEMALE: Some of the girls report that it's purple. It clings to the top of the ceiling. The ceiling's white, so it's even clear to see it.

JONES: These pictures taken by students show the disgusting scene at Robinson female dormitory at Florida Memorial University.

UNIDENTIFIED FEMALE: I looked under the sink and underneath tub and there's black mold underneath the little showerheads. And it's nasty.

JONES: Earlier, a student reported the mold problem to the Miami-Dade Health Department. While an inspector came by, the school was quick to clean up the mess.

UNIDENTIFIED FEMALE: Students came and woke us up and told us to go brush our teeth, no shower.

JONES: All 328 residents were ordered to leave so crews could scrub the fungus off the walls, tiles and vents. The university issued this statement: "Robinson Hall has been inspected by the Health Department and remains open while immediate attention is being made to address some recommendations. The safety and comfort of our students are our primary concerns."

The school also tells us they plan to remove the mold.

As for the students who live with the mildew, they're doubtful it will all be cleaned up.

UNIDENTIFIED FEMALE: They were getting ready to paint over the mold, which they're doing. They're spray-painting the ceiling over the mold. It's years of mold that they keep painting over every year.

(END VIDEOTAPE)

HARRIS: Florida Memorial University said the entire situation has been exaggerated.

On the phone with me now is Barbara Edwards. She works in the office of the university president.

Barbara, thank you for your time.

BARBARA EDWARDS, ASSISTANT TO PRESIDENT, FLORIDA MEMORIAL UNIVERSITY: Thank you for allowing us to set the record straight.

HARRIS: Well, OK. Let's set the record straight then, Barbara.

Exaggerated, huh? The problem is being blown out of proportion? Is that your position?

EDWARDS: Well, it is, because we were aware of the situation because we had an air-conditioner that malfunctioned. Let me just mention that of the 300-and-some-odd students in there, it only affected the bathroom of the west wing of Robinson Hall. And we have about approximately 38 to 40 students who -- we closed that bathroom and asked that they use another bathroom.

HARRIS: OK.

EDWARDS: When the Department of Health inspectors came, they did not ask that we evacuate the building.

HARRIS: Well, what happened?

EDWARDS: I don't know how that got out in the media, that the students had to leave the building.

HARRIS: Well, Barbara, do you have a recurring mold problem at the university or not?

EDWARDS: We had a problem in that bathroom because of the air- conditioning going out and mold accumulating in that bathroom only.

HARRIS: OK.

EDWARDS: Not in the other bathrooms.

HARRIS: OK. Got you.

Well, Barbara, you know, the suggestion is that this latest episode -- maybe it's in the bathroom, maybe -- OK, in the bathroom, as you say -- was reported by a student who called the Health Department.

EDWARDS: Right.

HARRIS: Are you aware of -- is that true, that it was brought to the university's attention by a student? EDWARDS: Yes, it is. And in fact, I met with the inspectors when they came on campus. They gave us a few recommendations that we needed to take care of, and we immediately put those recommendations into action by having a mold remediation -- mitigation of that bathroom, which was done.

HARRIS: Barbara...

EDWARDS: And we expect them to come back today to confirm that.

HARRIS: Good. Good.

Barbara...

EDWARDS: Yes?

HARRIS: ... respiratory effects of mold, I have got the list here in my hand -- cough, shortness of breath, bronchitis, chest tightness. You know, the parents of these students pay good money to have their kids go to this school. If you have got a problem, you're going to take care of it, aren't you?

EDWARDS: Immediately. That is our primary concern.

We do not want to have any health issues or any mold in that building. And we're going to do whatever it takes to get it out as quickly as possible.

HARRIS: Barbara Edwards.

EDWARDS: Our primary concern is their health and their safety.

HARRIS: Yes.

EDWARDS: So we are aware of it and we're doing whatever is necessary to correct that situation.

HARRIS: Is the problem fixed today?

EDWARDS: It is fixed in terms of the bathroom. They are coming back. It's fixed as a result of the recommendations that they've made. But as you know...

HARRIS: It sounds like you have more work to do.

EDWARDS: ... this is going to be something that we are going to continuously monitor.

HARRIS: OK, Barbara. And we're going to follow this. We're going to talk to some students and then we'll talk to you again. How's that?

EDWARDS: That's fine.

HARRIS: All right.

Barbara Edwards. Barbara is with Florida Memorial University. She works in the office of the university president.

Barbara, thank you.

Stock markets on fire today. Will it thaw the credit freeze? I will talk to a CNNMoney.com expert. That's next.

(COMMERCIAL BREAK)

HARRIS: So the markets actually shooting up today after Wall Street's worst week ever. There you see, 545 points there. But does all of this mean that all is well in the financial world?

Joining me from New York, Jeanne Sahadi of CNNMoney.com.

Jeanne, good to see you.

JEANNE SAHADI, CNNMONEY.COM: Good to see you too.

HARRIS: Well, you know the basic question we've been asking here is we see the markets responding today, and we're wondering, because we're often told by members of the money team, I think including you, that it's OK to watch the Dow, but that's the sideshow. The real thing we need to be paying close attention to is what's happening with the credit markets.

So the Dow is going up. What's happening with the credit markets? Are we starting to see a bit of a thaw?

SAHADI: Well, here's the thing. Credit markets in the U.S. today are closed. So we're not seeing very much at all. We'll start to see something perhaps tomorrow.

In Europe, they were open. There was a little bit of loosening. But what experts are telling us is that, with all these initiatives -- and let's face it, the European government, the American government, they're tripping over themselves with these new initiatives to thaw the freeze.

HARRIS: Yes, that's right.

SAHADI: It could take at least a few weeks if all these initiatives go into place quickly and the markets like the details. And that's the key here, will they like the details?

HARRIS: Yes.

SAHADI: We're waiting on Treasury to come up with something way more specific than what we've heard.

HARRIS: Well, Jeanne, I'm trying to understand, and please explain this so -- you know, I'm a little dense, so explain this in a way I can understand this.

SAHADI: Oh, I'm dense, too.

HARRIS: Why aren't the banks lending? And when will they start? I mean, what guarantees are they looking for here?

SAHADI: Well, banks are not lending right now because there's basically a lending panic. Nobody is trusting anyone else. I don't know what's on your balance sheet, Tony. I don't trust that it's a good balance sheet. And even if I did trust that it was a good balance sheet, I still don't want to lend you money, because I don't have confidence that you're going to be able to go and get short-term funding. That's the commercial paper market. That has frozen up too.

So if you can't get short-term funding, you can't pay me back.

HARRIS: Well, what are they doing with the money that has been infused, injected into the system? What are the banks doing with that money, just hoarding it?

SAHADI: Some of them -- they're not releasing it because, again, the concern is that, you know, their creditors may come calling on them. So they want to have the money and be prepared to pay. So it's just a...

HARRIS: Because of problems with their books?

SAHADI: No, because everyone -- panic is not rational. People are going to do any number of things that are not conducive to a free- functioning market. So when people are panicked, they tend to freeze and hold up on everything.

HARRIS: Jeanne, one more. Why is -- because it's going to happen -- why is government investing in the banks a good idea at all?

SAHADI: Well, if you talk to real free marketers, they don't like the idea at all, but in an emergency situation, it can be a good idea both because it's a quick way to get capital to banks, and banks are having a hard time raising capital because they have to do all these write-downs on the mortgage assets. People are not feeling confidence about their balance sheets, so they're not willing to invest more.

If the government comes in with some capital, hopefully it will attract private capital as well, because a lot of these companies, they're still good companies. But, you know, the market's not buying anyone right now.

HARRIS: All right. So Jeanne, let's have you back tomorrow and let's talk about the latest iterations on these plans from these candidates.

SAHADI: OK.

HARRIS: Jeanne Sahadi of our money team, CNNMoney.com.

Jeanne, nice job. Thank you.

SAHADI: Likewise. Thank you.

HARRIS: It's an uphill battle for jobs in one battleground state. We will take you to an Ohio town that is struggling to stay afloat.

(COMMERCIAL BREAK)

HARRIS: Twenty-two days and counting until the presidential election, and the candidates are zeroing in on key states. John McCain and running mate Sarah Palin held a rally in Virginia Beach last hour. You saw it here live on CNN.

Barack Obama unveils his latest economic proposals in Toledo, Ohio, next hour. And his VP candidate, Joe Biden, on the trail in New Hampshire.

Hillary Clinton campaigning for Barack Obama in Pennsylvania today. A live picture now. She is holding a rally in Horsham this hour. Clinton says she thinks Obama has improved his standing by the way he's handled questions about the financial crisis.

We know the economy is issue number one in the presidential election. And for a small town in Ohio, it is all about jobs. The jobs they lost. Chief national correspondent John King with a view from one of the Ohio battleground cities.

(BEGIN VIDEOTAPE)

JOHN KING, CNN CHIEF NATIONAL CORRESPONDENT, (voice over): They're not welcome inside anymore. And yet they can't seem to walk away.

UNIDENTIFIED FEMALE: Shutting down the operation was the only course left to take.

KING: It's not just the shock at 200 jobs lost. It's how it happened.

UNIDENTIFIED FEMALE: We don't know any more answers than what Jenni (ph) knows.

KING: Locks changed at the end of a shift. A form letter in the mail. Health insurance canceled with two days notice. It hurts more because places like Ashland used to be different. Employers were part of the small town family.

DEB SHERIFF, ASHLAND, OHIO: Especially if you thought you'd retire from there, you know.

KING: Deb Sheriff worked at Archway cookies for 31 years. Her father moved here from Michigan back in the 50s to help build and open the bakery.

SHERIFF: We were family. They looked out for us, you know. We got good raises. We got raises twice a year. We haven't had a raise in maybe six years. So -- and then it's just devastating.

KING: Nobody was getting rich here. The jobs paid from $14 to $18 an hour. But there was health insurance. Deb Sheriff's daughter is a single mom also worked at the bakery. SHERIFF: My daughter had a heart attack three years ago so she's on heart medicine. She's got high blood pressure. She's diabetic. And we have no benefits as of today. So it's going to be hard for her and -- well, hard for all of us.

KING: Tiny Ashland was already struggling. When the factories closed, the vacant store fronts on main street soon followed. For 19 years, though, Archway Cookies protected Tim Mowery from the decline around him.

TIM MOWERY, ASHLAND, OHIO: The town of Ashland's a dying town. I mean all the manufacturing is leaving.

KING: Politics are, for the most part, predictable in a conservative place like this. And Republicans count on big margins to help off set the edge Democrats have in urban areas like Cleveland.

SHERIFF: I like John McCain. I especially like him because he's served our nation.

KING: Deb Sheriff doesn't know much about McCain's economic ideas, but feels strongly Barack Obama lacks the experience for such troubled times.

SHERIFF: I never even heard of Obama until he started running for president.

KING: But Mike Davis is among the many here who say losing their job is changed their political thinking.

MIKE DAVIS, ASHLAND, OHIO: We would be leaning towards Barack Obama at this point because the country needs to go definitely a different direction. Washington's corrupt and everybody knows it. And, you know, you have the extremely rich and you have us.

UNIDENTIFIED FEMALE: Yes, but that is what we vote for on the phone today, that we have no money.

KING: Walk the crowd and their rumors the banks cut off credit. A buzz (ph) the machines were trucked overnight to a bakery in Canada.

DIANA ANDERSON, ASHLAND, OHIO: They own the (INAUDIBLE). They own (INAUDIBLE).

KING: And a numbing sense among people like Diana Anderson, that nobody outside this little town will care much.

Do you think the governments and the corporate culture and the political culture, forgive me, gives a damn about people like you?

ANDERSON: No, I absolutely don't. Absolutely don't. That's obvious.

KING: Anderson is absolute in her opposition to abortion. Usually a reliably Republican vote for president. Not this year.

ANDERSON: Definitely Obama.

KING: Definitely? No question?

ANDERSON: Definitely. No question about. I'm definitely going to vote for Obama.

KING: For Anderson, looking for a job means looking at politics differently.

ANDERSON: It does trump (INAUDIBLE). But McCain has shown me nothing that would benefit us and our economy. And he is a Republican. And I honestly feel that he probably is for corporate America.

KING: Obvious trouble in a place McCain needs to win big. A small town where painful change makes things a lot less predictable.

John King, CNN, Ashland, Ohio.

(END VIDEOTAPE)

HARRIS: And join the best political team on television for debate night in America. The final face-off with John McCain and Barack Obama Wednesday night live from Hempstead, New York.

Want to take you to the New York Stock Exchange now for another look at the big board. As you can see, it is a nice rally. You know, we've been holding in this 500 point range for a good part of the day -- 571 points. The Dow in positive territory, trying to shake off what was a horrible week last week. We're going to keep an eye on the numbers throughout the day for you right here in the NEWSROOM.

Global markets helping ignite today's rally. Stocks made strong gains just about everywhere. Hong Kong, up 10 percent. Most European stock exchanges, 4 percent to 8 percent today. Bank stocks are having a particularly good day. For instance, Germany's Deutsche Bank up nearly 25 percent.

And we've got some live pictures coming in now. And this is Magnolia, Texas, as you can see in the upper right hand portion of your screen. We're getting news of a news helicopter that has gone down KTRK. OK.

All right. We're getting word from a CNN affiliate, this is KTRK, that it's news helicopter, it's news chopper has gone down. And what you can see here is a bit of a fiery wreck. You can see the debris fields pretty wide. Can't really tell how wide from this shot. But you did see at least one firefighters on the scene.

Again, this is in Magnolia, Texas. Have no idea at this point how many were aboard that news helicopter. But these are pictures, as you can see, just in to CNN from just moments ago. A news chopper down in Magnolia, Texas. And this is reporting from our affiliate station KTRK that it is, in fact, one of their news helicopters that is down right now. A live view of it right now. A lot of smoke in the area. Perhaps the news helicopter taking this picture here from KHOU, another one of our affiliate stations in Dallas, is shooting this view and perhaps -- I'm sorry, in Houston. Clearly Houston. Is taking a shot of this picture for us right now, providing these aerials of the scenes right now over Magnolia, Texas, where we're getting word from our affiliate station, KTRK, that its news chopper has gone down. No idea at this point of how many people on board.

We will, of course, keep an eye on this situation for you. But wanted to get that on the air to you right away. Those pictures just in to us here in the CNN NEWSROOM. Still pulling together all of the bits of information connected with this story. We'll give you an update in just a couple of minutes.

Whiplash gyrations we're talking about with the market. The swings are enough to stress anybody out. Maybe you need the therapist.

(COMMERCIAL BREAK)

HARRIS: Want to take you back now to Magnolia, Texas, outside of Houston, where you can see, boy, part of the wreckage here, the debris from a news helicopter. A news helicopter has actually gone down in Magnolia, Texas. And the reporting is that it is the news helicopter belonging to the ABC affiliate, KTRK, also a CNN affiliate.

You can see some of the smoke surrounding the wreckage. We saw at least one firefighter working over the fire attacked to the crash and the debris field as well. These pictures being provided to us by Houston affiliate, another CNN affiliate, KHOU. No idea how many people were on board that chopper at the time that it went down. No idea of possible injuries connected to this wreckage and this crash of this news helicopter.

Again, the ABC affiliate KTRK reporting that it is its news helicopter that has gone down in Magnolia, Texas. An ambulance on the scene as well, as you can see here. We will keep an eye on this situation and try to bring you the latest information, certainly, as soon as we get it here in the CNN NEWSROOM.

Real cause, real effects. We are focusing on how the ongoing financial crisis is impacting you. It seems the crisis is taking a toll on holy ground. Yes, neighborhood churches feeling the pinch and many pastors in Maryland report a big drop in weekly donations. They say it's because church members have less to give. They're struggling right now just to make ends meet.

Financial stress prompting some people to seek out therapy. Our personal finance editor Gerri Willis has more.

(BEGIN VIDEOTAPE)

SANDY HERBST, TEACHER: I needed someone to talk to. I needed someone to listen to me to see what I needed. GERRI WILLIS, CNN PERSONAL FINANCE EDITOR (voice over): Sandy Herbst didn't realize just how stressful handling her finances could be until her husband passed away five years ago.

HERBST: It was very nerve-wracking. You don't know where to turn. You don't know what to do. And my husband did handle a lot of the bills and, you know, a lot of the things that we did. So it was -- everything was just switched back to me. Totally to me.

WILLIS: So Sandy sought help.

MORRIS ARMSTRONG, REGISTERED INVESTMENT ADVISER: You could always take it out of the main account and transfer over to the checking account.

HERBST: OK.

WILLIS: With the help of a financial planner, Sandy was able to get a better grip on her finances and her fear of handling them.

ARMSTRONG: You have to listen and you have to hear people's concerns. You cannot brush them aside.

WILLIS: With a financial crisis taking a toll on the stock market, it's also beginning to take a toll on Americans' psyche.

ARMSTRONG: They come to you for comfort. I'm the equivalent of comfort food.

WILLIS: The American Psychological Institute finds 83 percent of women and 78 percent of men are stressed by money. So stressed that a growing number of them are turning to mental health professionals.

DR. ROSALIND DORLEN, CLINICAL PSYCHOLOGIST: We are seeing people coming in with sleep problems. Sleep is a big casualty of anxiety, especially about money. We're seeing people with eating problems. People who are excessively worrying. So we're seeing an overall increase of symptoms that relate to anxiety. And in this case, the anxiety is money.

WILLIS: An important step towards combating this anxiety? Opening up.

DORLEN: You know, money is a big taboo. People are much more comfortable talking about sex, I think, in today's culture. They're more comfortable talking about death. But money is a taboo subject. So just getting people to take an inventory, a careful accounting of reporting their expenses, their level of debt and seek what kind -- the kinds of problem-solving techniques that will help them reduce anxiety from a financial perspective.

WILLIS: But for some Americans, easing years of financial worry may be harder than it sounds.

HERBST: I do a lot of worrying about it. I do. I think about it a lot. I wonder what's going to happen next. (END VIDEOTAPE)

WILLIS: Look, if your financial stress is taking a toll on your emotional health, there are some steps you can take. First, consider a financial planner. A second pair of eyes and a comforting ear may ease some of your worries about money. If you need to turn to a psychologist, head to this web site, findapsychologist.org to find a nationally registered psychologist in your area. United Way also provides counseling service in most parts of the country, usually at a discounted rate.

To find your local chapter, visit 211.org -- Tony.

HARRIS: You know, Gerri, I don't want to sound like one of those men who never asks for help and support in difficult times. But I'm curious, is it a good idea to ask financial advisers for emotional support?

WILLIS: Well, I think they're all being asked. They're all hand-holding right now. They're on the phone 24/7 with their clients. But the reality is, if your problems are more serious than that -- let's say you're staying up all night, every night. You can't eat. Maybe you're losing weight. Then it makes sense to contact a psychologist instead and let your money manager run your money and not your emotional life.

HARRIS: Yes, it makes sense. All right, Gerri, great to see you, as always. See you tomorrow.

WILLIS: My pleasure.

HARRIS: Thank you, Gerri.

I want to take you back now to Magnolia, Texas, which is northwest of Houston, the scene of this horrible crash. ABC 13, KTRK, is one of our affiliate stations in Houston. And the news chopper for that fine operation has gone down in Magnolia, Texas.

No idea of injuries at this point. We've seen firefighters a short time ago working on flames from that wreckage. Again, this is -- we have no idea how many people might be injured at this point. We're certainly hoping for the best.

An aerial view now provided by KHOU of the scene. Maybe we've got some pictures from earlier that we can drop in here to give folks a wider view. Here you go. Some pictures from a little earlier today. A little earlier of the scene. Some of the smoke coming from the wreckage.

Again, this is ABC 13 in Houston, KTRK, a CNN affiliate. We are going to keep an eye on this situation and try to get you the latest information and some word on possible injuries and the extent of injuries associated with this horrible crash.

Still to come in the NEWSROOM, the country with the highest inflation in the world. You think you've got money problems? Check out our live report from Africa. That's next.

(COMMERCIAL BREAK)

HARRIS: Boy, if you think the financial situation here in the United States is bad, take a look at Zimbabwe. Inflation is at 231 million percent. What does that number even mean?

On top of that, the political situation is spiraling again. The country's main opposition leader sidelined by long time president, Robert Mugabe. He has taken control of key ministries, despite a power sharing deal.

South Africa's former president, Thabo Mbeki, is stepping in to try to mediate. Live now to CNN's Nkepile Mabuse in Johannesburg, South Africa.

And, Nkepile, here's the question: can Thabo Mbeki salvage the power sharing agreement?

NKEPILE MABUSE, CNN CORRESPONDENT: Well, that is the big question at the moment, Tony, because you all remember that Thabo Mbeki is no longer president of Africa's powerhouse that it South Africa. It's going to be very interesting to see if he makes any in roads, especially regarding Robert Mugabe.

Now as we were speaking just now about the economic situation in Zimbabwe, I've just come back from there and it's very, very difficult to imagine that things can get worse. But if Robert Mugabe does go ahead and form a government without giving the opposition a fair and equal share of power in that government, Zimbabweans are almost guaranteed tougher times ahead.

Let's take a look at just how bad the situation is at the moment in that country.

(BEGIN VIDEOTAPE)

MABUSE (voice-over): The policies of Robert Mugabe's government have brought not only international isolation, they have brought the country's economy to its knees. Millions of Zimbabweans have fled, unable to cope with the highest inflation rate in the world, now officially sitting at over 200 million percent.

The Zim dollar continues to depreciate at such a staggering rate, many store owners now trade in foreign currency. Eighty percent of the population of unemployed, and even with the job, life is tough in Zimbabwe. As one of the basic paid teachers, Mlungisi Velemphini, earned the equivalent of 10 U.S. dollars per a month. The only reason he has so far managed to survive, he says, is because his salary is paid in food and accommodation. Employers are even paying workers with fuel.

MLUNGISI VELEMPHINI, ZIMBABWEAN TEACHER: If you are driving to work every day let's say and you earn cash and you don't earn fuel, you'll probably find for most salaries which you can earn for, for professionals is about (ph), you actually wouldn't be able to afford to drive yourself to work every day because compared to how much you earn, the fuel is very, very expensive. Of course, the fuel is indexed in foreign currency, in U.S. dollars.

MABUSE: Mugabe's government has recently imposed price freezes in yet another futile effort to deal with an economy that is in freefall. As a result, some stores have simply shut.

Banenzis (ph) and many other supermarkets, there's absolutely nothing on the shelves anywhere. And the reality is, it is the black market where government restrictions don't apply that is the real economy in Zimbabwe today and the only way those with disposable cash manage to survive.

Zimbabweans purchase bare basics, such as bread, on the black market. And if you want to exchange money, you can find a dealer on almost every street corner in the capital, Harare. A few Zimbabweans are cashing in on the economic crisis.

VELEMPHINI: It's very difficult to motivate children to aspire to be lawyers and doctors when lawyers and doctors can't afford to buy a vehicle.

MABUSE: The World Food Programme estimates that maybe half of the population will need food assistance by early next year. In stark contrast to the daily suffering here, Mugabe still manages to drive around in a vintage Roles Royce. His signing of a power sharing deal with opposition leader Morgan Tsvangirai last month, briefly brought some hope that things may change for the better here.

(END VIDEOTAPE)

MABUSE: (INAUDIBLE) ... on one meal a day if anything at all. The U.N. estimate that more than half of the population will need food assistance by early next year. The situation is so bad that that teacher that I was speaking to in that piece said to me, in Zimbabwe to survive, you need a plan. And every day needs a new plan because you're faced with new challenges every day -- Tony.

HARRIS: OK. Nkepile Mabuse for us from Johannesburg, South Africa.

Nkepile, appreciate it. Thank you.

Do we want to go to -- do we have the (INAUDIBLE) on the line now? Not yet. OK. All right. Coming up ...

KYRA PHILLIPS, CNN ANCHOR: I can give you more information, actually.

HARRIS: On the crash? On the chopper crash.

PHILLIPS: I'm hearing a friend . . .

HARRIS: Kyra's with me here.

PHILLIPS: Yes. And I'm just getting an e-mail from a buddy of mine who's a photographer there at that affiliate. And he said sad news coming out. We're getting word that possibly a photog and a pilot were on board that chopper and it doesn't look good.

HARRIS: OK. I'm sorry that I don't know your name, but who's on the line with us right now?

LT. DAN NORRIS, MONTGOMERY COUNTY SHERIFF'S DEPARTMENT, TEXAS: Lieutenant Dan Norris, Montgomery County Sheriff's Office, Texas.

HARRIS: Lieutenant, we appreciate your time. If you would, we're just getting some news. And Kyra just shared it with us. What can you tell us about this crash and obviously now the sad news of fatalities?

NORRIS: Well about 11:09 a.m., the first reports came in to our sheriff's office that there was a helicopter that had gone down about four or five miles west of this location. We have an officer involved shooting investigation going on. First reports from EMS and our deputies on the scene of the crash site confirmed that it was one of our local channel 13 KTRH helicopters that had crashed. We're told by talking with the news station that there was a photographer on board and a pilot. We're told here that there were -- that both appear to have died in the crash.

HARRIS: Oh, so, lieutenant, it sounds like you're describing a situation where this news helicopter was responding to an actual law enforcement situation on the ground there of an officer involved shooting.

NORRIS: Oh, it's certainly (ph) believed (ph) at this time that the helicopter was in route to have aerial photos of the shooting scene that's currently under investigation. The helicopter did go down in a very heavily wooded area not far from the main interstate highway that goes through the center of Montgomery County.

HARRIS: Just any idea -- I mean it just sounds like it's such a densely wooded area that it may just be a situation where the chopper just perhaps was flying just a bit low. Does that make sense as a possible cause for this crash?

NORRIS: There's no way to make a determination now what the causation of the crash would be. You know, it is a heavily wooded area with pine trees and oak trees. You know, at what altitude or reason for the helicopter to crash is certainly unknown at this time.

HARRIS: Yes, and I apologize for that. Just trying to figure it out. It's such a horrible scene and such a horrible occurrence. Lieutenant Dan Norris is with the Montgomery County Sheriff's Department.

And, Lieutenant, if you get some additional information, we're going to stay in touch with you. If there's some additional information, we would love to pass that along. Thank you.

NORRIS: That would be fine.

HARRIS: And, Kyra, the confirmation again of a photographer?

PHILLIPS: That's right. Well, this is a photographer that I used to work with in Los Angeles and he works in Houston now. And that's the word that they're getting as well, is that a photographer and the pilot were killed in that helicopter crash.

And, you know, we used to do a lot of this in local news. They were always going up in those choppers and the pilots are always so careful. But when you're having low level flying and you've got that many trees around ...

HARRIS: That's what it sounds like, doesn't it?

PHILLIPS: Yes. Yes. It could very well that he got a little to low and maybe possibly clipped some of those trees and it took the chopper down. But you never know. It could be, obviously, something wrong with the helicopter as well.

HARRIS: Obviously we will continue to follow this story and we will check back in with the lieutenant in the sheriff's department for additional information. We're going to take a quick break.

You're in the CNN NEWSROOM.

(COMMERCIAL BREAK)