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Obama's Position on Helping Auto Industry; Lost Jobs Protest; Iraq Shooting Charges; Illinois Governor's Big Statement Against Bank of America; Remembering the Polaroid

Aired December 08, 2008 - 11:00   ET

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

TONY HARRIS, CNN ANCHOR: It is Monday, December 8th. And here are the top stories we're following for you this hour in the CNN NEWSROOM.
A lifeline for the assembly lines. Congress shifts into Big Three rescue mode, but one senator says it's time for GM's boss to bail out of his job.

If it's the thought that counts, most of us are rethinking our holiday shopping habits. New poll numbers, not nearly enough cash, way too much stress.

From the war zone to the courtroom, Blackwater security guards facing charges in a shooting that killed 17 Iraqis.

Good morning, everyone. I'm Tony Harris. And you are in the CNN NEWSROOM.

Keeping the Big Three automakers from running out of gas, a draft bill for a bailout loan could come later today, with a vote as soon as tomorrow. Lawmakers still working out the details, but congressional aides say the package is expected to be about $15 billion. It is intended to keep the auto companies going through March.

The money would come from an existing technology program intended to help build fuel-efficient vehicles, and it would come with strings attached. It could require a cabinet-level board to oversee restructuring of the industry, or possibly a so-called car czar.

Autoworkers are on a road trip right now to Washington. They say they're coming together to save their jobs, their communities, and their industry.

Workers from the Big Three auto companies and retirees taking part in a caravan from several Midwest states to Washington. Organizers say Congress needs a comprehensive industrial plan that expands and supports the middle class. They say the crisis facing the Big Three automakers provides an opportunity to transform the industry.

Barack Obama is on track with that as well. He says automakers have made a lot of mistakes, but they can't be allowed to fail.

(BEGIN VIDEO CLIP) BARACK OBAMA (D-IL), PRESIDENT-ELECT: The Big Three U.S. automakers have made repeated strategic mistakes. They have not managed that industry the way they should have. And I've been a strong critic of the auto industry's failure to adapt to changing times -- building small cars and energy-efficient cars are going to adapt to a new market.

But what I've also said is that the auto industry is a backbone of American manufacturing. It is a huge employer across many states. Millions of people directly or indirectly are reliant on that industry. And so I don't think it's an option to simply allow it to collapse.

(END VIDEO CLIP)

HARRIS: More now on the president-elect's position on helping the auto industry. CNN's Elaine Quijano joining us from Chicago.

Elaine, good to see you.

You know, some lawmakers are calling for at least one of the heads of the Big Three to step down. What does the president-elect say about that?

ELAINE QUIJANO, CNN WHITE HOUSE CORRESPONDENT: Well, that's right, Tony. Over the weekend we heard Senate Banking Chairman Senator Chris Dodd say that he thinks it is time for General Motors' CEO Rick Wagoner to go. And in a news conference yesterday, the president-elect was asked about that specifically. He declined to answer.

Instead, he broadened out the question and said that, look, if there are, in fact, top managers at these Big Three automakers who do not understand the urgency and need to act now, and who don't understand that changes need be made, or aren't willing to make some of these tough business decisions, then those managers need to go. But he didn't comment specifically on whether or not he agreed with Senator Dodd that it's time for Rick Wagoner of GM to go -- Tony.

HARRIS: And Elaine, on the jobs front, the president-elect unveiled some details about his new public works program over the weekend. What is he saying?

QUIJANO: Well, that's right. As you know, the president-elect has promised to deliver some 2.5 million new jobs to help get the economy going. And over the weekend, in his weekly radio address, we did get a little bit more in the way of details on this.

Mr. Obama pledged to launch the biggest public works project since the federal highway system was created back in the 1950s. He also said that plan would include things like modernizing schools and making federal buildings more energy-efficient, upgrading old heating systems, installing energy-efficient light bulbs, for instance. He said doing all of that would not only help to save taxpayer dollars, but would also go a long way, he believes, to putting people back to work -- Tony. HARRIS: Elaine Quijano for us in Chicago.

Elaine, appreciate it. Thank you.

Barack Obama is getting behind an around-the-clock protest by laid-off workers at a plant in Chicago. No severance, no pay for earned vacations, and no insurance. Well, sure they're mad. Obama says what's happening at Republic Windows & Doors reflects what's happening across the country.

Live now to our Susan Roesgen at the plant.

Susan, and apparently no notice for those layoffs, was there?

SUSAN ROESGEN, CNN CORRESPONDENT: They're saying they only got three days. And the law, Tony, requires 60 days or 60 days' pay.

Now, you see a lot of media out here. We are right in front of Republic Windows & Doors. This factory that's been in business 40 years makes windows and doors, vinyl and glass windows.

We're here now because this story has drawn so much attention that now the governor of Illinois, Rod Blagojevich, himself is supposed to be coming out here, because as you said, Tony, people are angry. They want to know why these union workers didn't get more notice, just three days, before Christmas.

I've seen only one company person out here, and she said the company has no comment. But we have heard from everybody from Illinois congressmen and women and from the president-elect himself.

(BEGIN VIDEO CLIP)

OBAMA: I think that these workers, if they have earned these benefits and their pay, then these companies need to follow through on those commitments.

REP. JAN SCHAKOWSKY (D), ILLINOIS: These are 300 jobs that we ought to save. This is a product that they make that we ought to save. And we want to work out something much better than just say bye-bye workers.

(END VIDEO CLIP)

ROESGEN: Now, there is a lot of blame going around, but mostly it's aimed today at Bank of America. That's the lender for this company here. Bank of America -- a spokeswoman told me last night that, absolutely, they are not to blame for this, that it is the company's responsibility to pay its own workers.

Again, Tony, we haven't seen anybody from the company here. There are about 200 union workers, 300 workers here total. And the workers have decided -- the union workers have decided to do this in shifts.

They've got about two dozen people in the building at any one time. And again now, we're waiting for Governor Rod Blagojevich to come and see what he has to say.

Later today, Bank of America is going to meet with the union, possibly with some company managers as well. But that's the big question, Tony, is what is this company doing? Is this business really closing? And are they really intending to pass the buck over to Bank of America and not pay these employees?

Tony --

HARRIS: And Susan, you haven't heard anything to suggest that there's a timetable for ending this situation, have you?

ROESGEN: No. I can tell you that as far as the workers go, this is very well organized. This is United Electrical Workers. They have national representatives here from the union.

Tony, this wasn't just a spontaneous, we think we won't leave today because we're getting axed. I think it's much more than that.

I think that they contacted the union. The union decided to make a stand here, a very public stand.

And as far as the company goes, we don't know yet, Tony, whether, again, this factory is actually shut down, or whether the company had planned all along to start moving some equipment out and transfer this to some other state that might be more financially beneficial to the company. We just don't know, but we hope to know more from the governor and later today.

HARRIS: Well, I guess I'm hoping this doesn't escalate and folks just sort of -- cooler heads prevail, I guess, is the line I'm searching for here.

Susan Roesgen for us in Chicago.

Susan, appreciate it. Thank you.

Surrender in Salt Lake City. Five former Blackwater security guards fighting to keep their Iraq manslaughter case in Utah courts. They're accused of killing 17 civilians in Baghdad last year. The Justice Department set to charge them today.

Live now to our Kara Finnstrom in the Utah capital.

And Kara, those men walked into the courtroom building just a short time ago.

KARA FINNSTROM, CNN CORRESPONDENT: Yes, just about an hour ago, Tony. Those five men walked into this courthouse building just behind me to turn themselves into authorities.

We are told by a source close to the investigation that they will face weapons charges and include weapons charges and manslaughter. However, those charges are still -- those indictments are still under seal. CNN fully expects that the Justice Department will reveal those officially a little later on today. Now, we did try and speak with the men as they came up here. They came up two by two with their attorneys and went into the courthouse. The men would not speak with the media. They've been instructed by their defense attorneys not to do so.

A couple of the defense attorneys did tell us that their clients will be pleading not guilty. Here's more of what one of them had to say about what we can expect during the court proceedings later today.

(BEGIN VIDEO CLIP)

FINNSTROM: Can you tell us a little bit about what your arguments will be today?

UNIDENTIFIED MALE: No, we won't go into that right now, but you'll hear in court later today.

FINNSTROM: Can we hear anything from your client today, any kind of reaction?

UNIDENTIFIED MALE: No, nothing from my client. Thank you very much. He's innocent and we'll prove his innocence in court.

(END VIDEO CLIP)

FINNSTROM: Now, five of these men were working as guards for Blackwater. That's a private contractor that's been hired by the U.S. government to protect diplomats and employees.

Blackwater has maintained all along that these men were fired upon by insurgents, that they returned fire and were doing their job. However, an independent -- or a separate Iraqi government investigation found otherwise. The Iraqi government saying that this was, in their words, premeditated murder.

And Tony, there's also been another investigation, a preliminary investigation that was done by the U.S. military. And a source tells CNN that as part of that, soldiers who initially responded to that scene said they found no evidence that the contractors had been fired upon. So all of that will undoubtedly be part of these proceedings here this morning.

As to why this is taking place here, one of these former guards is from Utah. And the thought is, you know, this is a conservative pro-gun state. It couldn't be probably a better place for them to find a jury that would be sympathetic to these men.

HARRIS: OK. Kara Finnstrom for us in Salt Lake City, Utah.

Kara, appreciate it. Thank you.

Teens on the rampage. It's happening in Greece. And our iReporters are showing you what they are seeing.

(COMMERCIAL BREAK)

HARRIS: More unrest in Greece today. This shocking video shot by a CNN camera crew.

You can see the tension between police and rioters coming to a head here. For three straight days now, young people and self-styled anarchists have been smashing and burning businesses and cars, attacking government offices, and launching petrol bombs in response to a fatal police shooting of an Athens teenager. Well, the circumstances involving that incident are being called into question.

You may have noticed the green CNN logo at the bottom of your screen. It's that way because the second installment of CNN's award- winning series "Planet in Peril" debuts Thursday. This time, it focuses on battle lines. One of the stories featured is about Nigeria and the fierce war that rages over the country's main natural resource -- that's oil -- and the people profiting from it.

"National Geographic" correspondent Lisa Ling has more.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: So lovely.

LISA LING, "NATIONAL GEOGRAPHIC" CORRESPONDENT (voice-over): It is dawn in Nigeria. We've been driving for hours with armed escorts, headed to a secret location to meet up with one of the world's most notorious militant groups.

They're called MEND, the Movement for the Emancipation of the Niger Delta. They're waging a violent battle that has killed hundreds of people.

A look out the window shows you what they're fighting about -- oil. It is everywhere here.

Gas layers (ph) from refineries dot the landscape. Oil generates billions of dollars here. But the average Nigerian get almost none of that. That's what MEND is violently trying to change.

We arrive at the rendezvous clinic and are told to follow this man. We walk through back alleys and then come to the water.

(on camera): So we've just been brought to this dock and we're being asked to get into these boats. We can't tell you where we are, and we're not sure where we're going. But, let's go.

(voice-over): We drive for hours by boat, passing small villages, winding through creeks. Then suddenly they appear, a checkpoint and a boat full of men fighters armed to the teeth. They circle around us, chanting, and they say their spokesman is ready to talk.

(on camera): After a two-hour boat ride, we finally arrived. This is the MEND, the Movement for the Emancipation of the Niger Delta. And we've just arrived at the shooting range, apparently.

(END VIDEOTAPE)

HARRIS: And still to come, money getting tight, tough choices being made. Here's one iReporter's view.

(BEGIN VIDEO CLIP)

ROBIN SAVAGE, IREPORTER: Hey, everybody. If I had a choice between not having Starbucks and having a bookstore in my community, I would choose bookstores. And I am so sad because every time now you go to a bookstore and you have to drive far -- they're not just down the street anymore -- they're really empty.

(END VIDEO CLIP)

(COMMERCIAL BREAK)

HARRIS: The holidays may be ho hum this year because of the economy. In a new CNN/Opinion Research Corporation poll, 67 percent of Americans say they're spending less on holiday gifts. That's more than cutbacks in other industries, like leisure activities, driving or buying clothes. And almost one-third say they're cutting back on necessities like food and medicine.

OK. So the news about the economy is pretty grim. All right. We get that. But there are strategies that you can follow now to help you make the best out of a bad year.

Personal Finance Editor Gerri Willis joining us now from New York.

Gerri, good to see you.

GERRI WILLIS, CNN PERSONAL FINANCE EDITOR: Good to see you.

HARRIS: Hey, Gerri, where should we start here?

WILLIS: Hey, you know, let's talk about surprise taxes. OK?

HARRIS: Great.

WILLIS: I know a lot of people out there that are thinking of investing in mutual funds. They think that funds are low now. Good time to buy, right?

Well, guess what? It could be a problem. That's because you can get hit with a hefty tax bill.

This is the time of the year the mutual fund managers pass along what they call their capital gains tax obligation. And this year it promises to be a lulu (ph).

That's because small investors have been selling mutual funds all year long, forcing mutual fund managers to sell holdings to pay them back. Fund managers sell holdings they've had a long time, it creates a gain for them. They pass that along to the folks who own the fund.

If you're considering investing in a fund this month, make sure you call the fund or check its Web site to see if it's planning to make a year-end distribution. And make sure you invest after the distribution date so you don't get hit with taxes.

HARRIS: Yes. Hey, Gerri, what advice do you have for people who have seen massive losses in their portfolios this year?

WILLIS: Well, if it's outside of a retirement account, there is a silver lining here. You can use your losses to offset capital gains you may have had this year.

If your capital losses are bigger than your gains, or maybe you didn't have any gains at all, you can typically deduct as much as $3,000 of net losses from your wages on your tax form. Additional losses get carried over to your tax return in future years. That could mean savings for years to come.

So a little silver lining there for people who have been investing outside of their retirement accounts.

HARRIS: Yes. You mentioned an exception there. So what about strategies for people with retirement accounts?

WILLIS: Well, you know, a lot of folks, they're eager to convert a traditional IRA to a Roth IRA. That's because the value of your traditional IRA is probably lower now. So now is a good year to convert. You'll pay less in taxes on the amount you convert.

But there's a catch, naturally. You have to make sure that you can pay for the tax hit of savings. You don't want to pay for the tax out of retirement money, because it will erase a lot of your gains. To give you an idea of how much that could be, if you convert a $20,000 traditional IRA to a Roth, you could be on the hook for $6,000 to $8,000 worth of taxes.

Keep in mind here that there are income limitations associated with Roth IRA contributions. So the devil's in the details here.

HARRIS: Yes.

WILLIS: But if you're looking for the opportunity to convert, it couldn't be a better year than this year.

HARRIS: Let's sort of broaden this a little bit. What should people be doing now, right now, to prepare for the tax man?

WILLIS: Well, it's coming up, isn't it?

HARRIS: Yes.

WILLIS: I mean, boy, it seems like it's right around the corner. Hey, start mining those shoeboxes for receipts for charitable donations. You probably had a ton you didn't think about. Might as well get them now while it's still on your mind.

You can also document your donations by looking for canceled checks, letters. A lot of the charities send e-mails now. Make sure you get those in order so when it comes tax time, you can get the big fat deduction. And if you have any questions, send them to me at gerri@cnn.com. We love to hear from you. We answer your questions right here every Friday.

HARRIS: Awesome lady. Thank you. Thanks, Gerri.

WILLIS: My pleasure. Thank you.

HARRIS: All right. You have questions. Well, CNNMoney.com has some advice and some answers. Check out our special report, "America's Money Crisis." That's at CNNMoney.com.

The grinch is making his big push, cutting back on holiday gift- giving. We've got the numbers.

(COMMERCIAL BREAK)

HARRIS: Facing a financial crisis this Christmas. A new CNN/Opinion Research poll finds 40 percent of you say economic conditions are making Christmas more stressful this year.

Let's put together a little stress block here. Fifty-six percent not feeling the stress at all. That's a bit of good news here. Four percent of those polled said they don't celebrate Christmas.

OK.

Those of you looking for work during the holidays probably feeling the most stressed.

Our Jason Carroll talked to a diverse group of people at a job center.

(BEGIN VIDEOTAPE)

LAWRENCE AARON, JOB SEEKER: I was a columnist at (INAUDIBLE).

JASON CARROLL, CNN CORRESPONDENT: You have been out of work for how many...

AARON: Since August, a little bit over 100 days.

BARBARA JACOBY, JOB SEEKER: I was considered a documentation specialist.

CARROLL: Now, Barbara, how long have you been out of work?

JACOBY: Since right after Labor Day.

CHRISTINE DENNING, JOB SEEKER: My position at Panasonic was eliminated in 2005. I am the more seasoned of all of us.

CARROLL: I keep hearing that over and over. First, there's the hurt and then the resentment over what happened, obviously, and then for some, it's the frustration of trying to figure out what's next. AARON: Well, I think that you have to get past the emotional part, because obviously it's a bad economy. And one of the things that I've learned is that it's happening to so many different people.

DENNING: Not only the new economy, but in this new technological age, I think it's a much more complicated process to find a position. Certainly, there is a lot of competition out there, and there are a lot of companies that are cutting back.

JACOBY: The economy is so as it is, and there are so much competition out there. I found that networking and groups like this are so important for people because the camaraderie and the understanding and the leads that come from there.

CARROLL: So at this point, I'm wondering how optimistic are you about finding employment?

DENNING: I've even been networking at the dog park. And I'm seeing that is going to be fruitful. I'm very optimistic and I know something will work out, and it will probably work out for the best.

AARON: Personally, I'm very optimistic and confident that something will come up.

JACOBY: I'm optimistic that between my skill set of people skills, soft skills and technical skills.

DENNING: You're on your way.

JACOBY: I'm looking forward to a new opportunity.

(END VIDEO CLIP)

HARRIS: You know, not everyone -- that's a good group -- but not everyone is that optimistic in these difficult times.

Kathleen Hall is with me. Founder and CEO of the Stress Institute and author of "Live in Balance."

Will you help us live in balance this morning? Because, I got to tell you, my concern sitting here every day and reading all of these difficult figures is that I feel like in some way that I'm adding to the stress of people at home who may be going through this, or have friends or family going through this.

I'm just wondering, is there something here -- are we adding to the stress? And the other side of that, is there something about this shared experience that maybe all of us are going through it? We know someone who is going through it. That if we could just keep talking about it, maybe that's the silver lining and can help us get through these difficult times.

I think that --

HARRIS: I'm reaching. That's a big reach. KATHLEEN HALL, FOUNDER & CEO, "THE STRESS INSTITUTE": That's a big reach, tony. The thing I think that I'm noticing now since September, that I've never seen before.

In the United States it was about M-E, me. My job. My pension. My money. I've seen the M turned upside down, Tony, to we. We're all in this together. I don't care if you go to a gas station this morning, or took the (INAUDIBLE). I don't care where you are. You're sitting there and we're all in this together. Everybody. And I've never seen all of us come together like we have this time. It's pretty amazing. That's number one.

No. 2, stress is individual. So, what affects you does not affect me. Please listen to your insides. Listen to what your internal stressors are. Yes, I believe in watching the news. I think it's wonderful.

HARRIS: You do?

HALL: Oh, absolutely. Because what happens is, it's not all bad news. If I hear something happened in south Atlanta, something happened in St. Louis and they need money, they need help. I can at least participate as far as a larger global community and get out of my own pity party.

HARRIS: Yes, that's good. And how do we protect -- a lot of us have children who are going through this. I mean, we've seen so many families on television talking about --

HALL: And children mirror our stress. The research shows it.

HARRIS: Well, how do we keep them from doing that, from mirroring our stress?

HALL: It's really important. I use an acronym called HOPE, H-O- P-E. And have H is for honesty. Be honest with your kids, be honest. Also, have a family meeting once a week and sit there with your family and say, you know what? This is what's happening. Begin it though, with a hopeful, inspirational message. And end it with brownies or popcorn, or something so that it's not negative and down.

O is optimism. Every obstacle is an opportunity. Teach your children, what costs can we cut in this house? But also, what kind of jobs can we do? I remember when my dad didn't have a job at one point, Tony, I found a used hair drier in an alley and I began doing people's hair in my garage. Be creative.

HARRIS: Get out of here.

HALL: I did.

HARRIS: Really?

HALL: Here I am. Absolutely! Don't tell the cosmetology teaching board, OK?

HARRIS: All right. OK.

P is perseverance. Fall down 40 times, get up 41. Teach your kids to be strong. But, also teach them stress reduction techniques. Because these kids are inheriting a very a very stressful world. And E is enjoy. Don't get far from joy. Whatever brings you joy. And remember, simple things don't cost any money. Go to pogo.com and play Scrabble, Monopoly, old games that I used to play when I was a kid.

HARRIS: Look at you. We just need to keep the camera on you. Because this is infectious what's happening care.

How about self-care? Look, the parents need some help here. The individuals need some help. Even if you're not connected to a family with kids and stuff, the other. And you say start with self- care. Break out self, if you would, for us.

HALL: OK. S is for serenity, which is the opposite of stress. Simply, memorize a positive affirmation. I am strong. I am resilient. We have great research that shows, when you're stressed if you just say one positive affirmation, you produce over 50 percent less cortisol, which is the stress hormone. That's really important.

Laugh. I know it seems counter-intuitive. Watch M.A.S.H., Seinfeld. What we know is when you're stressed, your artery diameter decreases by over 35 percent. But when you start laughing it increases by 22 percent.

E is exercise. Get a buddy system. I don't care if it's a neighbor, a friend, a co-worker, get your rear end out, walk around the block. Absolutely, it's the greatest thing for stress.

L is love. Volunteer for something. You'll network and you'll meet other people and you'll feel better about yourself.

And F is food. Omega 3 fatty acids -- eat foods rich in B6. Don't skip your breakfast, Tony. It stabilizes your mood for the day.

HARRIS: You are --

HALL: (INAUDIBLE) baby.

HARRIS: Man, that's good!

HALL: And be kind to people. Be kind to people. You never know what somebody is going through. Be kind.

HARRIS: I see why you're on "Oprah" so much. Good stuff.

HALL: Thank you.

HARRIS: Kathleen, thanks for your time.

HALL: Thank you.

HARRIS: That was terrific. Very quickly, we want to get you to Illinois' governor, Rod Blagojevich just moments ago at Republic Windows and Doors. Let's listen to what he has to say about that situation there.

(BEGIN VIDEO CLIP)

GOV. ROD BLAGOJEVICH (D), ILLINOIS: We have contacted all of our agencies across state government. And as of now, every agency has been ordered to suspend doing any business with the Bank of America. The Bank of America received $25 billion in taxpayer money as part of the financial bailout. This is exactly and precisely the kind of thing that isn't right when, on the one hand powerful special interests get the help of taxpayer money to bail them out, the banks, and yet the purpose of that money was supposed to be to provide a line of credit to businesses like this, to keep workers working and keep people employed. And yet, the Bank of America has yet to step up and say that they're going to be helpful to this company and keep these workers working.

So unless and until they do that, we, the state of Illinois, will suspend doing any business with the Bank of America. And we hope that this kind of leverage and pressure will encourage the Bank of America to do the right thing for this business, take some of that federal tax money that they've received and invest it by providing the necessary credit to this company so these workers can keep their jobs.

(END VIDEO CLIP)

HARRIS: Wow. You want to talk about some news there. The state of Illinois will suspend doing business with the Bank of America until the Bank of America, in the words of Rod Blagojevich, the governor of Illinois, does right by this situation with these workers here at Republic Windows.

Wow. That's quite a statement. We will follow up on this and have additional information for you on this story throughout the morning, throughout the day here in the CNN NEWSROOM.

Rain, sleet, and snow, all hitting various parts of the country. There he is, Rob Marciano, tracking a huge system. That is next.

(COMMERCIAL BREAK)

HARRIS: Boy, I've got to tell you, pretty extraordinary comments from Illinois's governor, Rod Blagojevich, just a short time ago promising that the state of Illinois will suspend doing business with Bank of America -- how easy is that to do -- until the situation is resolved at Republic Windows and Door.

Let's listen in.

(BEGIN VIDEO CLIP)

QUESTION: (INAUDIBLE) money to whomever they choose?

BLAGOJEVICH: Well you know, it's interesting how some of these big corporate entities say that when it's workers and that -- and their lives at stake. But they have no hesitation of taking advantage of the bankruptcy laws to keep them (INAUDIBLE) in a position so they can get financial assistance and financial help.

I couldn't help but read in the newspapers today, that the "Chicago Tribune" is actually thinking about looking at bankruptcy. And they're looking to give themselves a front line position vis-a-vis other creditors. Well how come it's OK for some of these banks, who have messed things up in significant, substantial way that it's trickled down to impact the lives of ordinary, average, Illinoisans and ordinary average Americans, who every day work -- it's OK for big organizations like the "Chicago Tribune" to do it, and then line up so they can get ahead of other creditors, but somehow these workers always end up on the bottom? It's wrong.

And if the taxpayers, who do all the work in our country, have been already asked to bail out these big banks, then we expect those banks to bail out businesses like this, to keep them afloat and keep these workers working.

(END VIDEO CLIP)

HARRIS: Boy, I tell you what, it makes you think. Corporations probably reviewing the way they handle their plant closures and their layoffs in the aftermath of what's happening at Republic Windows and Doors right now in Chicago. Rod Blagojevich, the governor of Illinois, saying that he will suspend doing state business with Bank of America until this situation is resolved.

Well, job cuts in the U.S. are certainly mounting as the year draws to a close. Last week alone, nearly 45,000 layoffs were announced. Susan Lisovicz is at the New York Stock Exchange now with the latest companies that are slashing workers and a look at how the market is faring.

Good to see you, Susan. Good morning.

SUSAN LISOVICZ, CNN CORRESPONDENT: Good to see you, Tony. Happy Monday.

Well stocks are rising, but the head count is shrinking at two well known industrial companies. Shortly before the opening bell, 3M, the maker of Post-It notes and Scotch Tape, and lots of other products, said it would cut 1,800 jobs from its global workforce this quarter. It is also reportedly telling some workers to take vacation or unpaid time off these last few weeks of the year.

And Dow Chemical Plants just slashed 5,000 full-time jobs, as well as closed 20 plants. The company expects to save $700 million per year as a result. Shares of Dow are up right now nearly 8 percent.

As for the overall market, the Dow Industrials continuing that nice rally from Friday, which, by the way, came amid some terrible news on the job market. Blue chips up right now 272 points, or 3 percent. The Nasdaq and the S&P 500 up 3 percent as well, Tony. HARRIS: You know what, Susan? It's just not those Main Street companies facing layoffs, Wall Street also taking a bit of a hit at the end of the year.

LISOVICZ: No question about it. Lots of financial companies facing the most drastic downsizings really since the Great Depression.

Of course we had Lehman go out of business. And that predated the Civil War. Wall Street banks and other firms have been slashing tens of thousands of jobs over the last few months. We've seen it affect the economy very seriously here in New York.

The cuts will likely continue. But that's not stopping some executives from pursuing a big payday. The "Wall Street Journal" says Merrill Lynch CEO, John Thain, is pushing hard for a bonus of up to $10 million. The company's compensation committee is pushing back. Merrill has sustained losses of nearly $12 billion this year and is in the process of being acquired by Bank of America. Really, that was the -- a better alternative to outright collapse.

Thain's argument is that it would have been a lot worse without him at the helm for the past year. His base salary is $750,000 a year. And he's gotten -- he has gotten high marks for what he's done at Merrill in the past year. But the timing is a little rough.

HARRIS: It's just not the climate, is it? I can't imagine.

LISOVICZ: It's tough.

HARRIS: All right. Susan, appreciate it. See you next hour. Thank you.

LISOVICZ: You're welcome.

HARRIS: A final snapshot of the Polaroid picture. The iconic instant film that has captured so many memories is about to become a memory itself. This is the final month of production.

So let's take a trip to CNN.com's i-Report desk and check in with one of the guys helping us run things down there at our i-Report operation. Tyson's Corner we like to call it, producer Tyson Wheatley.

Hey, Tyson, remember those Polaroid pictures, boy you used to rub the back of it because you thought it helped produce the image? I'm not sure that ever true.

TYSON WHEATLEY, CNN.COM PRODUCER: And shake it.

HARRIS: And shake it. What is it, Andre 3000, shake it like a Polaroid picture, right?

WHEATLEY: You know, I knew that was going to --

HARRIS: You knew that was coming.

Good to see you, Tyson.

WHEATLEY: Hey, it's good to see you.

Yes, you know, Tony, it's been 60 years since Polaroid first produced its first instant camera. And now this is actually going to be the last year that they're producing the film. So, in the spirit of that, we wanted to engage our i-Report community and ask them. These are generations of photographers that have watched Polaroid pictures develop magically in front of their eyes. So we wanted to know -- we wanted to invite people to share their favorite Polaroid memories, favorite photos they've taken, and tell us what they're going to miss about Polaroid.

And I wanted to share with you a few of them. Let's go ahead and go to this first one. You're going to love this, Tony. Yes.

HARRIS: Oh look at that. What is that? Michael Jackson --

WHEATLEY: That's right.

HARRIS: on the shirt?

WHEATLEY: This is from Danny Bruce of Greenville, Mississippi. And this is Danny at age 12. This is in 1984, this was right after Michael Jackson's "Thriller" video came out.

HARRIS: Sure.

WHEATLEY: And of course, that was kind of a huge deal if you remember.

HARRIS: Yes, yes, yes, it was. It was.

WHEATLEY: Danny says his mother is the one that used to always keep a Polaroid camera handy. And this is really a special memory for him because a few years after this was taken his mother passed away. So this is a very special memory.

Thank you for sharing that with us, Danny.

All right. Moving on. This next photo comes to us out of Kentucky. This is from Akilah Hughes. And she says she's absolutely devastated that they're getting rid of Polaroid film. And says there's something so gratifying about getting a picture instantly. She also says that having Polaroid film is especially great if you bump into someone famous, because you can get a picture and then they can sign it.

HARRIS: OK.

WHEATLEY: I've got one more I want to show you.

HARRIS: All right.

WHEATLEY: OK. This one comes to us -- you know, Polaroids are really -- they've been a favorite for creative art project for many years, and that's what Tracy Willis, an artist out of Los Angeles is doing. This summer, Tracy started taking a Polaroid picture for every day of the year and -- in an effort to sort of capture her favorite moments.

This is just one of them. I think this was taken in October.

So, you know --

HARRIS: Boy.

WHEATLEY: Yes, some really cool ideas coming out on ireport.com.

And you know, you can actually read more about Tracy's project and see more of peoples' photos on a really awesome i-Report.

HARRIS: I have got crazy Polaroid pictures from back in the day when I actually had this huge -- you made my think of it with the i- Report and the picture of the Michael Jackson "Thriller" days. Yes, that one the right there. Maybe, no, I'm not going to post those pictures. No, I've thought about it, I'm not going to do it.

Tyson, I'm just not going to do it.

WHEATLEY: Well, I'm sure our viewers at home have great Polaroid memories. And I'm hoping that they share them with us.

HARRIS: That would be great.

WHEATLEY: Just go to ireport.com/desk and check it out.

HARRIS: All right. Tyson, appreciate it. Thank you. See you tomorrow, sir.

WHEATLEY: Take care, Tony.

HARRIS: All right. Take care.

Let's get a check of the weather now. Rob Marciano is in the severe weather center.

And Rob, we have a bit of severe weather to talk about today, don't we?

ROB MARCIANO, AMS METEOROLOGIST: We do. We have the potential for seeing severe weather in the form of the -- what we typically think of severe as far as thunderstorms with wind and rain, and also heavy snow possible. We're already seeing some snow across parts of the mountains. And then this storm is going to get its act together and kind of wind itself up.

Out ahead of it, some cold air from Chicago to D.C. to New York. I think the moisture is done in New York. And by time it gets there, things will warm up. So our focus kind of is from -- say -- Denver south towards parts of New Mexico and up towards Chicago as well. Some light freezing rain has been a problem in parts of the Ohio River Valley today. This will taper off somewhat as we go through the next couple of hours. Then we begin to nudge towards Wisconsin, Iowa and southern parts of Minnesota, where five to 10 inches of snow is possible here over the next 36 to 48 hours.

So this will begin later on today, an increase. And pretty much snow all day tomorrow, I think, in places just north of Wisconsin, or out in Milwaukee.

Meanwhile, 10 to 15 inches where this storm will start. It is already doing that. And snows will be heavy at times. We'll get some fresh powder. So there is the red owl, the track of it will take its way up towards the north and east. And just north of Chicago is where we think we see much of the heavier snow. I think Chicago and the bigger cities to the east, Tony, will remain off the hook for the most part.

Back over to you.

HARRIS: All right. Rob, appreciate it. Thank you, sir.

MARCIANO: You bet.

HARRIS: Your money, your life. We look at the Big Three automaker rescue and what it means for you.

(COMMERCIAL BREAK)

HARRIS: A CNN Opinion Research Poll shows the majority of Americans are against big bailout loans for the auto industry. 61 percent say they are dead set against any sort of financial assistance from the government; 36 percent support it; but only 15 percent say they would be immediately effected if the companies went bankrupt. And 7 in 10 think helping the car makers is unfair to the American taxpayer.

Well now, Veronica De La Cruz has been gauging the discussion on the web. And she has been following -- let's see -- Facebook and Twitter.

Hey, Veronica, is there a good, smart discussion going on?

VERONICA DE LA CRUZ, CNN CORRESPONDENT: There is always a good, smart discussion going on. Of course.

HARRIS: Oh good.

DE LA CRUZ: And you're right, Tony, many people are siding with the majority in that poll.

In fact, Ed Frazier in North Carolina, he writes to us via Facebook. And he says, "I am with the 61 percent of the population that is not in the agreement with the government bailing out the auto industry. I mean in large term, the management of these companies screwed up big time. Although sales have slumped for all auto/truck -- Honda, Toyota, Kia, etc. -- manufacturers, do you see them asking their countries for a bailout? U.S. automakers ignored the small car market for years and now it is catching up with them." And Tony, Shireen Mitchelle in Washington -- she writes -- "This is not a bailout, this is corporate welfare. Services are removed (ph) from the people who needed protection and support. It started around the mortgage corporations preying on the uninformed without any regulatory guidance from the government. Now that it has caused this crisis we reward the bad practices and corporate behavior with government money? The people who have been preyed upon are now saving the very companies that took advantage of them. This makes no sense. Our system is clearly broken."

And Dong Tran in San Francisco -- he writes, "The money is better spent on alternative transit means, such as high-speed rail. Although a lot of jobs would be eliminated or lost, many new jobs can be created in an investment such as high-speed rail versus a money pit like the Big Three."

And then finally, Raymon Williams says that his father-in-law -- well -- he was laid off by G.M. And he says that this definitely hits close to home for him. He writes, "My concern is for those who work for these companies, who don't make grand salaries. If the funds are regulated and appropriated for the good of the overall organization, then those who are struggling on the assembly lines can at least keep their jobs, and feed their families."

And of course, you too can join in on the discussion. All you have to do is logon to Facebook, search Veronica De La Cruz in the CNN NEWSROOM with Tony Harris. You can also follow me on Twitter at Veronicadlcruz.

So there you go, Tony.

HARRIS: Sounds good.

DE LA CRUZ: Lots of good, smart discussion.

HARRIS: Absolutely. All right, Veronica, see you next hour. Thank you.

A Vietnam amputee who took on the Veterans Affairs Department may soon lead this government office.

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(BEGIN VIDEO CLIP)

GEN. ERIC SHINSEKI (RET.), VETERANS AFFAIRS SECRETARY NOMINEE: I can think of no higher responsibility than ensuring that men and women who have served our nation in uniform are treated with the care and respect that they have earned. As you've said, these brave Americans are part of an unbroken line of heroes that stretches back to the American Revolution.

And yet, even as we stand here today, there are veterans who have worried about keeping their health care or even their homes, paying their bills or finding a good job when they leave the service.

(END VIDEO CLIP)

HARRIS: Retired general, Eric Shinseki, former Army Chief of Staff, decorated veteran. He is President-elect Barack Obama's choice for veterans affairs secretary. Senior Pentagon correspondent, Jamie McIntyre, joining us now.

Jamie, good to see you. Just a quick question here: What is the General's background, or perhaps his personal story, or both, that makes him a good fit for this job?

JAMIE MCINTYRE, CNN SR. PENTAGON CORRESPONDENT: Well, two things. One is he's got a distinguished military career and he himself was wounded in combat in Vietnam. He lost part of his foot. But probably, Eric Shinseki, the former Army Chief, is best known for his public comments back in February of 2003, when he suggested it would take several thousand U.S. troops -- several hundred thousand, rather, U.S. troops -- to secure Iraq after an invasion. That put him at odds with Defense Secretary Rumsfeld and the other civilian leaders at the Pentagon.

And since then, critics of Rumsfeld's administration have appointed to Shinseki's comments as being prescient.

Probably the one thing that people should understand is that although Shinseki did make that public statement, he never really pressed for additional troops. In fact, seemingly well aware that his views were not welcomed in the Pentagon, sort of quietly went on to his retirement that year. He did however, mention in his retirement speech, warning against the size of the army being too small.

Barack Obama, when he nominated him over the weekend, did mention that Eric Shinseki was a man who stood on principle. Of course, as the veterans affairs secretary, he'll be in a position to -- be in a position where he can pretty much guarantee he will be listened to by the new president and he has an opportunity to really be an advocate on behalf of the veterans that he cares so much about -- Tony.

HARRIS: All right, our Jamie McIntyre at the Pentagon for us.

Jamie, appreciate it. Thank you.