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Obama Wins Support of Colin Powell; McCain/Palin Ticket Paints Obama as Socialist; Waiting for Corporate Earnings Report; Fed Chief Ben Bernanke Set to Testify on Capitol Hill
Aired October 20, 2008 - 09:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: Campaign count down 15 days until the election. We are following both candidates this hour.
Plus some stability after a rocky ride. Wall Street opens for business in just a few minutes.
It's Monday, October 20th. I'm Heidi Collins. You are in CNN NEWSROOM.
We've been bombarded, brow beaten, sometimes even informed for months of presidential campaigning down to mere days. The election is two weeks from tomorrow.
Democrat Barack Obama will spend most of that time lifting states that were Republican strongholds just four years ago. And he has a new weapon, the endorsement of Colin Powell, the former insider in the Bush administration.
Republican John McCain targets the swing state of Missouri today. Polls show a dead heat there. But McCain message is national. He wants supporters to vote right away since early voting is available in every state.
And our teams are covering both candidates this morning as they sprint toward the finish line -- not Suzanne and Jim, but the candidate, that is.
Suzanne Malveaux is in Tampa where Barack Obama is kicking off a three day swing through Florida and Jim Acosta is following the John McCain.
Let's go ahead and begin with you, Suzanne. What's on top for today?
SUZANNE MALVEAUX, CNN WHITE HOUSE CORRESPONDENT: Heidi, obviously, Florida is a key state for Barack Obama. And we heard from Colin Powell saying that he had this relationship with John McCain for some 26 years, only really got to know Barack Obama over the last couple of years, but the -- both of these candidates were being tested.
A final exam in the last six or seven weeks, if you will, , Powell saying that he looked at how both of these men handled the financial crisis, who were the running mate that he chose, and even the tone of the campaign. And, ultimately, when he looked at these two he decided that Barack Obama was the transformational figure.
(BEGIN VIDEOTAPE)
COLIN POWELL, FORMER SECRETARY OF STATE: Intellectual, steady approach to problem solving that, I think, we need in this country.
MALVEAUX (voice over): Former Bush secretary of state, Colin Powell, endorsing Barack Obama, saying he respects John McCain but thinks Obama is what the country needs.
POWELL: I think that Senator Obama brings a fresh set of eyes, fresh set of ideas to the table. I think that Senator McCain, as gifted as he is, is essentially going to execute the Republican agenda, but I think we need more than that.
MALVEAUX: Powell who also served as chairman of the Joint Chiefs of Staff took a swipe at Sarah Palin, saying he doesn't think she would be ready to take over the presidency if something happened to McCain.
He says he's also concerned about negative attacks the McCain campaign has launched against Obama.
POWELL: We have got to stop this kind of nonsense. Pull ourselves together and remember that our great strength is in our unity and in our diversity.
MALVEAUX: For his part John McCain played down the endorsement's impact.
SEN. JOHN MCCAIN (R), PRESIDENTIAL CANDIDATE: This doesn't come as a surprise. And I'm also very pleased to have the endorsement of four former secretaries of state -- Secretary Kissinger, Baker, Eagleburger and Hague -- and I'm proud to have the endorsement of well over 200 retired army generals and admirals.
MALVEAUX: But some analysts say Powell's words could help with undecided voters.
DAVID GERGEN, CNN SENIOR POLITICAL ANALYST: Colin Powell has given voice, I think, to the disillusionment that a number of moderate Republicans and some others who've had with the negativity of the McCain campaign, that they've been muttering about but they're afraid to give voice to.
MALVEAUX: Obama welcomes the news.
SEN. BARACK OBAMA (D), PRESIDENTIAL CANDIDATE: Great soldier, a great statesman, a great American has endorsed our campaign for change.
(CHEERS)
OBAMA: I have been honored to have the benefit of his wisdom and his counsel from time to time over the last few years.
(END VIDEOTAPE)
MALVEAUX: The campaign announced some record breaking events that took place just this last weekend. I want you to take a look at this picture, Heidi. This is in St. Louis, Missouri, the gateway arch.
My producer Mac Voight(ph) took that shot getting on the lift, but you can see the crowd there. It was a record breaking number -- 100,000 people who attended that rally. They also mentioned within hours or so of yesterday's Powell announcement another record breaking moment -- $150 million that they raised in September.
So, obviously, using a lot of that -- raising that money and using a lot of that money in critical states like Missouri over the weekend and, of course, here in Florida -- Heidi?
COLLINS: Yes, that's right. And gorgeous shot of St. Louis there, too.
Suzanne Malveaux, sure do appreciate that.
The clock is ticking down, as you know, the attacks are heating up. One example John McCain painting Barack Obama and his economic plans as socialist.
CNN's Jim Acosta is in Washington for us now this morning.
Hi there, Jim.
JIM ACOSTA, CNN CORRESPONDENT: Good morning, Heidi.
You know Barack Obama walked into a barbecue restaurant over the weekend in North Carolina and instead of being greeted with sweet tea, a woman shouted socialist at him.
And so we're seeing this out on the campaign trail from the McCain campaign. Sarah Palin put it this way, quote, "now is no time to experiment with socialism."
So, first, it was "palling around with terrorist," now according to the McCain campaign, Barack Obama is flirting with socialism.
(BEGIN VIDEOTAPE)
ACOSTA (voice over): From the sound of it, John McCain is running against a Euro style socialist.
MCCAIN: He believes in redistributing the wealth. Senator Obama is more interested in controlling who gets your piece of the pie than he is in growing the pie.
ACOSTA: Ever since Barack Obama defended his tax plan to plumber Joe Wurzelbacher...
OBAMA: When you spread the wealth around it's good for everybody, but listen...
ACOSTA: And Joe the Plumber's come back...
JOE WURZELBACHER, "JOE THE PLUMBER": That's a very socialist view.
ACOSTA: McCain has been seeing red, accusing the Democratic nominee pursuing socialist economic policies.
MCCAIN: He said himself we feed to spread the wealth around. Now that's one...
UNIDENTIFIED MALE: Is that socialism?
MCCAIN: That's one of the tenets of socialism.
ACOSTA: It's red meat that may be connecting with some red state voters.
Florida senator and McCain supporter Mel Martinez likened Obama's economic plan to that of Castro's Cuba.
SEN. MEL MARTINEZ (R), FLORIDA: Where I come from, where I was born, they tried that wealth redistribution business. It didn't work so good down there. Let me tell you. We don't want it here in America. That's called socialism. That's called communism. That's not what Americanism is about.
ACOSTA: It's a label Obama says won't stick.
OBAMA: Lately he and Governor Palin actually accused me of socialism. It's kind of hard to figure how Warren Buffet endorsed me. Colin Powell endorsed me. And John McCain thinks I'm frankly a socialist.
ACOSTA: But political analysts Larry Sabato says there is just one big $700 billion problem for McCain.
LARRY SABATO, UNIV. OF VA, CTR. FOR POLITICS: The fly in the ointment for this socialism argument is the recent Wall Street bailout. That's the most egregious example of socialism probably in all of American history.
(END VIDEOTAPE)
ACOSTA: And McCain and his surrogates are warning voters that Obama's plan to raise taxes on the wealthiest Americans is just that -- a plan. They say with the Democratic Congress there would be no stopping a president Obama from raising taxes on everybody else.
And, Heidi, we heard Colin Powell yesterday, coming off that endorsement of Barack Obama, saying that these kind of comments have no place in American politics. So they're going to be sparring over this socialist charge with the coming days here.
COLLINS: Just 15 more days, is that it there, Jim? ACOSTA: That's it.
COLLINS: All right.
ACOSTA: And then -- and then hopefully no recount but...
COLLINS: Boy, oh, boy, don't even say it.
ACOSTA: Exactly. Yes.
COLLINS: Yes, exactly.
All right, CNN's Jim Acosta in Washington for us this morning.
No matter where you live in the United States you should be able to cast your vote today through early voting or absentee voting programs.
Joining the list today, Arkansas, where they expect a record turnout. Results of the nation's early voting won't be released, though, until Election Day.
Early voters are turning out across the country. Our reporter Jason Dinant took this picture of early voting lines in Las Vegas.
So are your seeing long lines outside of your polling place? Just grab your camera and share you view as a citizen journalist. Do that on our Web site, iReport.com.
A lot of you are asking will this be an up or down week for Wall Street? The markets open in just a few minutes from now. Dow futures, though, way up and so are the overseas markets.
We could learn more about economic recovery options this morning, too. Fed chairman Ben Bernanke goes before the House Budget Committee. That will be next hour. And President Bush meets with bankers and other business people in Louisiana.
It seems hard to believe that despite the Dow's recent losses, it did finish last week with its biggest weekly gain in 5 1/2 years. Can you believe that?
Everyone on Capitol Hill wants to hear what Bernanke is saying this morning. Democrats have been calling for another economic stimulus impact. We do expect Bernanke to touch on that. We also could get an idea about interest rates.
Last week Bernanke said the government would use all of its resources to get the economy moving again. Some analysts view that as a sign the Fed will keep cutting interest rates.
Some positive to point out. Among all of the gloomy economic news, our Christine Romans is in New York and she's just the person to find the positives.
And so the market looking hopeful. Fuel prices are down. These are -- these are good things?
CHRISTINE ROMANS, CNN CORRESPONDENT: They are. And, you know, so many surveys have shown that really "ISSUE #1" in terms of the economy for so many Americans are gas price. It's the thing you feel more than anything else.
COLLINS: Sure.
ROMANS: So we'll be watching those. They've been coming down pretty sharply. But I want to start with the thing that you can't see every week at the gas pump, and that is the credit market.
And the credit market is showing signs of thawing, that that freeze is thawing. Now it's going to take weeks if not months for this whole thing to settle out. But, look, two weeks ago, overnight LIBOR was 6.8 percent.
Friday is a dropped down to 1.67 percent. Today down again 1.5 percent. As that number gets lower, it means the cost of borrowing goes down and the ease of borrowing goes up. So that is sort of one of those -- one of those little pieces of data we try to watch...
COLLINS: Yes, remind everybody, real, quick, LIBOR rate is...
ROMANS: Is the London interbank offered rate. This is the average of what the banks lend each other, 16 banks in London overnight. So, you know, this is -- this is the average of the price that the banks lend to each other.
And it's funny, it's one of those numbers that, you know, you never would have thought that people in their living rooms would know what LIBOR is.
COLLINS: Or even care, yes.
ROMANS: But they really do. And that -- that is a number that we've been watching.
So let's move from LIBOR to oil prices, because another number that has been coming down. Since July -- look at that, Heidi, remember oil was $145 a barrel. And now down to $71. It's some up a little bit again this morning. But look how much it's just come down and that's going to translate into relief at the pump.
You have gas prices that have been falling, falling -- they never seem to fall as quickly as they rise. You know, I'll give you that.
COLLINS: Yes.
ROMANS: But they're falling and they're below $3 a gallon for much of the country right now. So we will -- we'll see if that continues. There are some people who are saying they expect that it will play catch up a little bit to the big decline you've seen in oil prices so that those gas prices could continue to go down -- Heidi.
COLLINS: All right, well, we like positive news. You can you go back any time.
Christine Romans, thanks so much, coming to us from New York this morning.
America's money crisis, it is issue #1 for you and the president. As we said earlier, President Bush is on his way to Louisiana now for a round table meeting with local bankers and business people. The White House says it will take the pulse of Main Street to see how the economic crisis is hitting everyday Americans.
Rob Marciano is standing by now in the very quiet weather center. Thought we're going to hear the shisbumba (ph) into your...
(WEATHER REPORT)
COLLINS: What, is that what they look like really?
ROB MARCIANO, AMS METEOROLOGIST: Not one is alike.
COLLINS: All right, Rob, sure do appreciate that. I did buy the pumpkins over the weekend, too. You're right about that.
MARCIANO: (INAUDIBLE)
COLLINS: We'll check back later. And I know that you're interested in this story. It's a Cinderella story, in fact. It continues for the Tampa Bay Rays.
Fans celebrating after the Rays beat the world champion Red Sox -- Boston Red Sox, of course -- 3-1 last night. The Rays advance now to their first World Series. The perennial American League east-based dwellers will play Philadelphia and that all starts on Wednesday.
John McCain is down in October polls but that doesn't mean November victory is out of reach. A history lesson coming up.
(COMMERCIAL BREAK)
COLLINS: Down in October, back on top in November? History shows there is some hope for a poll trailing candidate like John McCain.
CNN's Frank Sesno has the story.
(BEGIN VIDEOTAPE)
FRANK SESNO, CNN SPECIAL CORRESPONDENT (voice over): Even a couple of weeks before Election Day polls can change and they have been wrong. Most famously, Dewey didn't beat Truman, though some gave Dewey, the governor of New York, a double digit advantage right up to Election Day.
That was as much about unsophisticated polling as politics.
If John McCain is hoping to compound the polling this time, he better get moving. There is precedent, though, for a candidate down in October to prevail in November. McCain could still win one for the keeper.
KEATING HOLLAND, CNN POLLING DIRECTOR: Ronald Reagan was down in the polls before the last debate that he had with Jimmy Carter on October 28th. He wound up winning the election, in large measure, because of that debate.
SESNO: That debate just a week before Election Day was crucial when Reagan uttered those famous words.
RONALD REAGAN, FMR. PRESIDENT OF THE UNITED STATES: Are you better off than you were four years ago?
SESNO: He won by 10 points -- Ironic because just four years earlier Jimmy Carter survived a late surge -- his mid-October six- point lead over Gerald Ford narrowed to almost nothing.
HOLLAND: Many people say that if the election had another week, Ford might have actually won in 1976.
SESNO: In '68 saddled by LBJ and the war in Vietnam, Vice President Hubert Humphrey was behind eight points ended October. He distanced himself from Johnson. Got a late endorsement from anti-war Democrat Eugene McCarthy. His surge wasn't enough but it was close.
Final result Nixon 43.4, Humphrey 42.7.
Leads have a way of eroding in the final weeks. Bill Clinton saw that happen to him in '92. That was the year of maverick. Yes, maverick, Ross Perot.
As for this year...
HOLLAND: And when you're talking about, say, a six-point lead you really only need to change three percentage points.
SESNO: Every year has its own dynamic, and there's not much time left.
(on camera): And the dynamic of this race, at this moment, is defined by the economy, by Barack Obama's breathtaking $150 million fund-raising take in September and by endorsement of Colin Powell over the weekend. It makes all John McCain's long climb steeper still.
Frank Sesno, CNN, Washington.
(END VIDEOTAPE)
COLLINS: A contest now too close to call. One state votes on same-sex marriage.
(COMMERCIAL BREAK)
COLLINS: All right. Quickly we are waiting for the opening bell. It's going to be happening in about a little less than 10 minutes or so. Hoping for some good numbers today, too. We'll tell you why a little bit later. Relief at the pump. Enjoy it while you can. Overnight traders pushed up the price of oil. The reason fears that OPEC will shore up falling prices but cutting production. OPEC says it expects members will likely announce a substantial cut after a meeting this weekend.
But nationwide gas price are still falling. AAA, in fact, says the national average now stands at a bit more of $2.92 a gallon. Now that's down more than three cents from the day before and it is the 33rd straight day we've seen prices slide.
Here's a sight to behold from Des Moines, Iowa. If you look closely at the sign, you'll see gas has plunged to $2.39 a gallon. Now on the flip side 16 states still have gas prices of $3 or more.
Big names, big bucks on both sides of the California on the future of same-sex marriage.
CNN's Ted Rowlands has the story.
(BEGIN VIDEOTAPE)
UNIDENTIFIED MALE: With this ring, I thee wed.
TED ROWLANDS, CNN CORRESPONDENT (voice over): Gay marriage is legal in California because the state Supreme Court ruled it so last May. Opponents vowed to fight back and now the battle has come down to Proposition 8, which, if passed, will outlaw same-sex marriage.
ELLEN DEGENERES, TV TALK SHOW HOST: Hi, I'm Ellen DeGeneres. I got to do something this year that I thought I'd never be able to do. I got married.
ROWLANDS: TV talk show host Ellen DeGeneres not only appears in an ad against Proposition 8, she's putting up thousands of dollars of her own money to broadcast it on television.
DEGENERES: Please, please vote no on prop 8.
ROWLANDS: That's just one of the ads many Californians will likely have memorized by Election Day. There's also the bride who gets tripped walking down the aisle. Here's an ad about a little girl learning about gay marriage at school.
(BEGIN VIDEO CLIP)
UNIDENTIFIED FEMALE: Teaching children about gay marriage will happen here unless we pass Proposition 8.
(END VIDEO CLIP)
ROWLANDS: And San Francisco Mayor Gavin Newsome who supports gay marriage is featured in an ad opposing it.
MAYOR GAVIN NEWSOME, SAN FRANCISCO: It's going to happen whether you like it or not. ROWLANDS: The upcoming vote has the attention of people from across the country. Millions of dollars has been pumped into the state for both sides in an attempt to sway the vote.
USC law professor, Kareen Crayton, says what happens here could have significant ramifications on the issue in other states.
KAREEN CRAYTON, USC LAW SCHOOL: So you'll see in futures dates whether in the legislature or in future ballot measures in other states, a turn to California as a basis for saying, well, they did it this way we should as well.
ROWLANDS: There's also a campaign being waged on the Internet on sites like YouTube.
(BEGIN VIDEO CLIP)
NEWT GINGRICH, FORMER SPEAKER OF THE HOUSE: Vote yes on Proposition 8.
(END VIDEO CLIP)
ROWLANDS: Messages range from a well produced statement by Newt Gingrich for proposition 8 to people just spouting off on both sides.
(on camera): The polls on Proposition 8 have fluctuated over the past year with both sides leading at times. It is expected to be very close on Election Day.
Ted Rowlands, CNN, Los Angeles.
(END VIDEOTAPE)
COLLINS: What follows a roller coaster week on Wall Street? Opening bell in just a moment. Plus tough times mean too many Americans can't afford their medicine.
(COMMERCIAL BREAK)
COLLINS: Well, we a re waiting for the opening bell to ring any minute now. And stocks are looking to reverse Friday's triple digit loss. We hope any weigh.
Susan Lisovicz is at the New York Stock Exchange with more on this.
So we're hearing it might be some positive numbers today.
SUSAN LISOVICZ, CNN CORRESPONDENT: That's right, Heidi, and if we look overseas as an indication...
COLLINS: Yes.
LISOVICZ: Yes, that would be a good way to start the trading week. Stocks looking to extend Asia and Europe gains. Confidence seems to be growing that the government can stabilize the financial system and ease the credit freeze.
And despite, you know, those losses you talked about Friday and, in fact, three days of losses last week, a remarkable thing, Heidi, the Dow ended up gaining roughly 4.7 percent last week.
Remember that Monday, that huge monster rally we saw was the best performance for the blue chips, switches in fives years, and the first time that market, in general, have ended higher for the week since Lehman Brothers collapsed.
So we are looking for a bounce at the open. We'll be looking at corporate earnings. We hear from more than a quarter of the S&P 500 this week including American Express and others today. Shaping up to be a tough third quarter earnings overall.
The "Wall Street Journal" is reporting that Circuit City is considering a plan to close at least 150 stores and cut thousands of jobs as an alternative to filing for bankruptcy corporate -- protection.
It's just a tough environment out there.
And while we look at pictures from Wall Street, we'll also be waiting on Capitol Hill. Fed Chief Ben Bernanke said to testify in about an hour, half an hour I should say. He's expected to touch on the possibility of getting another economic stimulus package. He may also give some hint on the future of interest rates. Remember next week is a decision on interest rates and they could come down further. And, in fact, we've been seeing central banks, Heidi, as you know, cut interest rates across the board including India today, a full percentage point.
Let's take a look at the numbers right now. The Dow is up 77 points over one percent. The Nasdaq is up, 1.5 percent. And we're also watching oil prices. Oil is up about $2 in electronic trading ahead of a hastily arranged OPEC meeting this week to prop up the price of oil.
How quickly things have changed, right, Heidi?
COLLINS: Yes, absolutely. All right. We're going to be watching all of that news. And again, you said the Dow is up about 77 points.
So, Susan Lisovicz, thank you.
LISOVICZ: You're welcome.
COLLINS: Tough choices in tough times. More Americans are forced to chose between paying their mortgage or medical costs. Too often their house is losing out.
Here now is CNN's Brianna Keilar.
(BEGIN VIDEOTAPE) BRIANNA KEILAR, CNN CORRESPONDENT (voice-over): William Fitzgerald is a stroke survivor with throat cancer. He is unemployed and uninsured.
WILLIAM FITZGERALD, CANCER PATIENT: I can't afford to be sick, plain and simple. If you have something that is ongoing, requiring maintenance like high blood pressure, such as I have, one of my medicines alone would run over $100 a week.
KEILAR: In this tough economic times, a growing number of Americans say they are going without medication doctors say they need. More say they're foregoing health insurance and doctors' appointments. Experts say it creates a vicious cycle, because people who wait too long to seek health care cost more to treat.
DR. DONALD FISHER, PRES. & CEO, AMERICAN MEDI. GROUP. ASSN.: When people forego the diagnostic test or the procedure, then their illnesses get much more severe, and when they present themselves to the health care provider, they're much sicker.
KEILAR: Like William, who figured his horse voice didn't warrant an expensive doctor visit. He now owes about $20,000 in medical bills. It could be worse. William gets medication and treatment from the Arlington Free Clinic, a facility that provides dramatically price-reduced health care for low-income patients.
FITZGERALD: It's actually been a God-send for me. It's quite literally the difference between having access to medical care and none whatsoever.
KEILAR: The clinic has seen up to 15 percent more patients this year.
NANCY PALLESEN, EXEC. DIR. ARLINGTON FREE CLINIC: I think this is just beginning. I think we're going to see more in the months to come. Because more people are going to lose jobs or cut back their number of hours, and so forth. And then they're going to come.
KEILAR: As the slumping economy forces an increase in patients, it also threatens to cut off the private donations that fund these last resorts for health care, leaving many concerned this safety net will catch fewer and fewer people.
Brianna Keilar, CNN, Washington.
(END VIDEOTAPE)
COLLINS: Your health, it may be the most central thing in measuring your quality of life. But is it a pivotal issue in choosing a president? CNN's Christine Romans compares the candidates health care plan. She is joining us now in New York.
OK, everybody really just wants to know how much is it going to cost and then how effective is it going to be?
ROMANS: Those are the two big questions. COLLINS: Yes.
ROMANS: Well, anything related to health care, Heidi, is expensive. I mean, leaving the system as it is now is expensive. And both candidates agree that you got Americans paying too much more drugs, too much for their health care. We have access issues. And there are too many people without health insurance, almost 46 million people in this country are without health insurance. Millions more are what we call underinsured. So, what do these two candidates want to do about it? And what does your vote do to fix or address the health care system?
Essentially, we've called information from the Tax Policy Center, from "Health Affairs" magazine, from the Kaiser Family Foundation, essentially a vote for McCain is a vote for the philosophy that your health care cost reflects your health care needs and you want portable access between jobs. You want the same policy that follows you around. You want to be able to go from state to state and find different health care policies that you are in charge of your health insurance policy.
A vote for Obama is a vote for mandatory health coverage for all children and the farthest reaching health care coverage possible for everyone. That means that the healthy share health care cost with the sick for the betterment of all of society. Meaning that helps the whole country if you do this.
So, two different philosophies on how to do this. How much does it cost? Well, we know that Obama's plan, his own aid said it would be $50 to $65 billion a year. Overall, over 10 years, the tax policy center says about $1.6 trillion. McCain about $1.3 trillion. That's sort of the tax impact of it.
What McCain wants to do is he wants your benefits that you get from work to be considered taxable income, and then he's going to give you a refundable tax credit of $2,500 a person or $5,000 a family. It starts to get a little complicated with how that would all work. But the bottom line is the Health Affairs magazine studies or medical journal actually studied both of these candidate's position and said that there are flaws actually with both of them. And they say that's not a knock on the candidates. That's a statement about just how complicated and broken parts of our health care system are.
COLLINS: Right. Wow.
ROMANS: So, this is something that was really a top priority I think for both candidates before the financial crisis blew up. Now, you have a financial crisis that could actually exacerbate the health care situation in this country. And it's something that just kind of can't be allowed to go on as it is forever. It has to be fixed. But whether it can be something that's fixed first thing next year, it looks like it's unlikely -- Heidi.
COLLINS: Well, two crises in one. Not good news this weeks.
ROMANS: That's right. And an expensive crises. COLLINS: Yes, no question about it. All right, Christine Romans, thanks for that.
ROMANS: Sure.
COLLINS: Appreciate the explainer there. As the clock counts down, the pace picks up. Look at this. John McCain and Barack Obama sprint towards the final two weeks of their presidential campaign. Today, Obama stumps for votes in the critical State of Florida. McCain hits the trail in the swing state of Missouri. The presidential election, as you know, just two weeks from tomorrow.
To stay on top of this election, be sure to check out CNNPolitics.com. There you can find the latest polls where money is being spent and where the candidate's are. It is all right at your fingertips.
A roadside bomb exploded in eastern Baghdad this morning. Iraqi officials say two people are dead. Seven others wounded. Some of the wounded are workers with the country's housing and reconstruction ministry. The future of U.S. Forces in Iraq outlined in a draft plan now being reviewed by Iraqi lawmakers. CNN's Phil Black is joining us now live from Baghdad with more of the details on this.
Phil, good morning to you.
All right. Unfortunately, as you can tell, we are having difficulty hearing, Phil. We are going to try to get back to his report. Again, talking a little bit more about the future of the U.S. Forces in Iraq and what this agreement is all about. So, we will get back to Phil just as soon as possible.
Meanwhile, gunmen killed a Christian aide worker in Afghanistan today. The woman was gunned down as she walked to work in Kabul. The Taliban spokesman claim responsibility saying the woman was targeted because she was spreading Christianity. The woman whose name was not released worked with handicapped Afghans.
Missing boy found alive, but the investigation into his kidnapping far from over.
(COMMERCIAL BREAK)
COLLINS: Quick check of the big board now. We see the Dow Jones Industrial Averages to the positive by about 110 points. We sort of expected of those numbers would be positive today, which is a good thing. But that's kind of taking the cue, if you will, from the global markets and some positivity there as well.
We'll watch those numbers for you, all day here on CNN. The reality is most couples don't actually retiring at the same time. So Christine Romans is showing us how one family is making their second retirement work in this week's "Right on Your Money."
(BEGIN VIDEOTAPE) ROMANS (voice-over): These days, Tom Sheehan has a view of the Connecticut shore from his garden. Tom retired two years ago, earlier than he planned due to cutbacks after 9/11.
TOM SHEEHAN, RETIRED: How are you?
SANDY SHEEHAN, SALES REPRESENTATIVE: How are you?
ROMANS: His wife, Sandy, works full time.
T. SHEEHAN: It's a tremendous amount on, I don't want to say guilt, but an uncomfortable feeling when your wife goes to work and you're staying home.
S. SHEEHAN: There's a financial change, you know. We had to make adjustments for what our original long term goals were.
ROMANS: "Money" magazine Janice Revell says their experience isn't uncommon.
JANICE REVELL, SENIOR WRITER, "MONEY" MAGAZINE: The harsh reality is that 40 percent of the time people are forced to retire long before they wanted to.
ROMANS: Tom and Sandy made it work by downsizing. They sold their house upstate, knocked down their beach cottage and built a year round home in its place.
REVELL: One of the things that Tom and Sandy I think did really well is that they didn't just uproot themselves and move to a brand new town that they knew nothing about. I mean, this was a place that they'd spent summers in for, you know, decades.
ROMANS: When Sandy retires, they'll start a new life in a familiar place.
S. SHEEHAN: The kids pretty much grew up being here.
T. SHEEHAN: Yes, I know. My grandchildren.
ROMANS: Christine Romans, CNN, New York.
(END VIDEOTAPE)
COLLINS: Trading places. Moving day at the Kennedy's Space Center launch pad. We'll be back in just a moment.
(COMMERCIAL BREAK)
COLLINS: Live shot for you this morning. Kennedy Space Center. Rolled back before a roll in after moving the space shuttle "Atlantis" from launch pad 39A back to the vehicle assembly building. Atlantis' mission to the Hubble Space Telescope being delayed now at least until February. The Hubble team will need the extra time to prepare a spare of part for the telescope. NASA also needs the launch pad for the shuttle Endeavor's planned November liftoff. Rob Marciano standing by now in the weather center talking -- you want to talk about NASA? Or you want to talk about the World Series.
(WEATHER REPORT)
COLLINS: Dow Jones Industrial Averages up 48 points right now. Rob, thanks so much. Love that talk of snow.
Meanwhile, though, the global economic crisis, the days of wine and roses fade. France facing a new test.
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COLLINS: The future of U.S. Forces in Iraq outlined in a draft plan now being reviewed by Iraqi lawmakers. CNN's Phil Black is joining us from Baghdad with details on this.
Phil, we have you by telephone right now. I just wonder if you can tell us some of the basics of what this agreement is and what the Iraqi lawmakers will be reviewing?
Can you hear me, Phil? All right. Well, we are going to try to, one more time, because the third time is often the charm.
We're going to try again to get Phil Black out of Iraq this morning to get more information on this draft plan.
Meanwhile, a kidnapped boy is back safe at home but the investigation surrounding his disappearance is far from over. The bus driver found 6-year-old Cole Puffinburger on a quiet street in Las Vegas four days after he was taken from his home by armed men.
The boy's grandfather, Clemens Tinnemeyer is scheduled to appear in court today. Authorities believe he may have owed drug traffickers millions of dollars. They say the boy's abduction may have been linked to that. The boy's father spoke about the return of his son.
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ROBERT PUFFINBURGER, BOY'S FATHER: It's indescribable. I -- I thank this whole community. I can't -- I can't thank you enough. This police department is, like you said earlier, they have worked nonstop. And I can't give enough gratitude to this entire city, actually, this entire country. I mean, it's been everywhere, you know. And you didn't stop. Thank you so much for helping me find my son.
We had stopped passing out fliers for the night, you know, because we wanted to catch some news and stuff like that. And we're just sitting down and I just got the call and, we got him! You know, you got who? Your son! It's like, all right! Then I just booked it.
I'm just glad he's safe and he's back home in the right hands. And I can't wait to see him. Cole's home. Cole's back.
(END VIDEO CLIP) COLLINS: The FBI is continuing its search for a person of interest in the case. That person a Mexican citizen.
Opening statements begin today in the trial of five men accused of plotting to attack Fort Dix. The defendants are foreign born Muslim men in their 20s who grew up in New Jersey. No attack was carried out. Attorneys for the men say there was no plot. The defendants face possible life sentences if convicted on all counts.
Alaska Senator Ted Stevens back on the witness stand this morning. Stevens on trial for failing to disclose free home renovations and other gifts given him by a former oil company executive. Stevens has said his wife paid every bill the couple received. Jurors are expected to start their deliberations this week.
Quickly now we want to take a third try to get back to Phil Black who was joining us, I believe, from Baghdad.
There you are, Phil. Tell us more, if you could, about this status of forces agreement that the Iraqi lawmakers are now reviewing and trying to get sort of a final agreement on.
PHIL BLACK, CNN INTERNATIONAL CORRESPONDENT: Sure thing, Heidi.
First some context. Currently, the U.S. Forces are operating in Iraq under the terms of United Nation's mandate that expires at the end of the year. So, this new deal, the status of forces agreement, must be in place by December the 31st. They've been (INAUDIBLE) months. Intense negotiations and teams from both sides have come up with a document which must now go before Iraq's parliament to get approval there. But over the weekend, it was already a sign that this is going to be bumpy road and it's not going to be easy.
First of all, there was a protest by tens of thousands of people. Supporters of the Shiite Islamic cleric Muqtada al-Sadr. They will not support this under any circumstances. Their position is Muqtada al-Sadr controls a parliamentary block here. They want U.S. forces out today.
Another setback, and this came from the largest parliamentary block in Iraqi parliament. It is a unity, a coalition of all the Shiite -- the biggest Shiite Islamic parties. They're including the prime minister's Dawa Party. They've come up with a list of problems with this agreement that they say, they will not support the agreement until this list is fixed.
So, it does not look like that this stamp of approval from the parliament is going to happen easily. It must now go back to the negotiating teams to try and come up with something because the clock is ticking. This has to be approved by December the 31st -- Heidi.
COLLINS: Yes. And Phil, while we have you, I wonder if some of these problems, that this different political parties have with the agreement, you can tell us a little bit more about that because if I'm right, it has to do with crime. BLACK: They're not saying specifically except to say that it goes towards the concerns in preserving Iraqi sovereignty. Now sovereignty is a word that gets used many times throughout this document. We do know that during the negotiating process, the biggest sticking point was whether or not Iraqi law would apply to U.S. troops and forces here. That is whether or not Iraq could lay a prosecute U.S. Forces for allegedly breaking the law.
What they've come up within the document is a compromised deal whereby the troops who are on duty and on base, U.S. jurisdiction applies. But if they are off duty and off base, then Iraqi law would kick in. That is a compromised deal between the two sides here. We don't know if that has been enough to satisfy those Iraqi concerns. What we do know is that it outlines very clearly the timetable for withdrawal. All troops out of the cities by half way through next year. All troops out of Iraq by the end of 2011 -- Heidi.
COLLINS: All right. CNN's Phil Black for us out of Baghdad.
Nice to see you, Phil. Thank you.
Well, it's something that many parents don't know. How to spot the signs your child is overweight.
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COLLINS: Much of the world is mired in the economic crisis. And for now, age-old values face a new test. That's especially true in Paris. Here now is CNN's Jim Bittermann.
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JIM BITTERMANN, CNN SENIOR EUROPEAN CORRESPONDENT (voice-over): What is it about a whiner is that brings out the wacky costumes, the silly head gear, the nutty behavior in an otherwise stayed and sophisticated people? Well, OK, it could be the alcohol content.
But here on the slopes of the Paris District of Montmartre where the heart of one of the most urban and stylish capitals of Europe, the grapes of an ancient vineyard are each year crushed into hundreds of bottles of a rare but forgettable wine, normally sensible Parisians were trying their best to be on their worst behavior.
Maybe in a bit more frantic way than in most years. The self- proclaimed president of the Republic of Montmartre, you must drink wine to not support or succumb to the economic crisis.
UNIDENTIFIED MALE: (SPEAKING FOREIGN LANGUAGE)
BITTERMANN: Perhaps, but just on the other side of Paris, there were signs that even in the wine business itself, it is increasingly difficult to ignore the world's financial mess.
At one recent auction, there was bargain after bargain as low-end and rare old plastics went under the hammer. And the auctioneers believe they need to lower seller's expectations. LAURIE MATHESON, ARTCURIAL WINE AUCTIONS: To be reasonable on the pricing. The estimates we've given them, we're going to have to ask them if they going to put them down 10 percent or 15 percent (INAUDIBLE) under the price. Because if not, we're not going to sell them.
BITTERMANN: As those who still do have cash to buy came to pick up their purchases, it was clear that only the collectors' bottles at the top end of the market are being spared the markdowns. With just a month before one of the oldest wine auctions in the world, the Burgundy regions Hospices de Beaune, organizers hope it, too, will be spared the markdowns that many sense are coming to luxury goods. But no one trying to sell products which people really do not have to have can be overly confident these days.
ANTHONY HANSON, CHRISTIE'S AUCTIONS: I feel we have to be very careful. But I am cautiously optimistic, because wine is -- it is a luxury, this (INAUDIBLE), but it's a relatively small luxury.
BITTERMANN: Still, in the middle of the annual harvest celebrations, well, maybe sour grapes to point it out, in tough economic times, some may find they can do without even small luxuries. Jim Bittermann, CNN, Paris.
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COLLINS: Eyes on the big board, ears on Capitol Hill. Investors seeing a little bump in early trading and hoping for a big boost from the fed chief.
And it is the final push. Where the candidates are focused heading into the campaign's last days. It's Monday, October 20th.
I'm Heidi Collins. You are in the CNN NEWSROOM.
