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President Obama Will Sign Economic Stimulus Bill in Denver Today; Surgeons Use Twitter as Teaching Tool; New Leads in Girl's Disappearance
Aired February 17, 2009 - 10:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: Putting the economic rescue plan to work. President Obama signs the bill today. What crisis he's turning to next.
And Twittering in the O.R. How surgeons are using a social networking site as a teaching tool. It is Tuesday, February 17th. I'm Heidi Collins. You are in the CNN NEWSROOM.
President Obama on his way to Denver right now. There he will sign the economic stimulus bill. A massive spending offensive aimed at shoring up the sinking economy. By any measure, we have a lot riding on today's action. This is day 29 of the Obama presidency and a big day for his economic agenda. The president's first stop, as we said, Denver. At 2:15 Eastern, a solar panel installation at a museum. Green technology is the focus of his stimulus bill, and then minutes later, he will sign the much-debated bill into law. Then President Obama travels on to Phoenix, his focus there, helping home owners who are facing foreclosure.
California is taking a step they were hoping to avoid. Layoff notice are going out today to 20,000 state workers. Caught in the middle of a budget standoff, legislators so tired, they fell asleep while trying to come up with a deal. But failed after a marathon session yesterday. They're going to try it again today. And CNN's Dan Simon is live for us in San Francisco this morning. Dan, good morning to you.
DAN SIMON, CNN CORRESPONDENT: Good morning, Heidi. You're right, they're going to be back today, and the senate president, a democrat, has told lawmakers, bring your toothbrush, because you're not going to be leaving until you solve this crisis. You know, we should point out, that this has been an evolving process. Things just keep ratcheting up.
First of all, you had infrastructure projects put on hold, then you had tax refunds delayed, you had workers furloughed a couple days a month and now the governor telling people that there could possibly be 20,000 layoffs amongst state workers. So, you know, we really need to put this in perspective, though. It doesn't mean suddenly you're going to have 20,000 people unemployed, when you send out these pink slips, if you will.
What it means is brace for the possibility. It means that the state is in serious financial trouble, and unless they can somehow dig their ways - dig their way out of this, particularly by passing a budget deal that bridges $42 billion deficit, then perhaps you can alleviate some of the problems here in California.
But right now, they need one vote, just one vote, Heidi, to get this thing done. But it has to come from a Republican, and Republicans, by and large, are opposed to this budget measure, because we're talking about tax increases here. $14 billion in tax increases, and a lot of them, at least most of them, have signed anti-tax pledges, and the theory is that, they're scared to go along with this. Not only for philosophical reasons, but they could be punished at the polls by breaking that pledge, come re-election time, Heidi.
COLLINS: Yes, that always seems to be what it ends up being about, the politics of it. And the approval rating for Governor Schwarzenegger right now?
SIMON: Not looking good. You know, a year-and-a-half ago, Schwarzenegger was looking at you know somewhere around 60 percent, now he's well below 50 percent at 40 percent. So it's not looking good for Governor Schwarzenegger. Keep in mind, though, he does not have to deal with a re-election, come 2010. He's going to be out of there, because of term limits. Heidi.
COLLINS: Yes, of course. All right. Dan Simon, sure do appreciate that coming to us from San Francisco this morning.
Kansas is also dealing with a budget crisis and a troubling deadline for state workers. The governor says state workers may not get paychecks on Friday. Republican leaders in the legislature blocked the governor from moving money around the state accounts to cover the pay. Instead, they say the governor needs to sign a new budget adjustment bill. The state has already suspended income tax refunds.
We want to bring you this, happening right now. We've been telling you all about President Obama, and the fact that he will be heading to Denver today to sign this stimulus bill. Getting ready for his departure. You see Marine one there, getting ready to take off from Andrews Air Force base. And then - there we go, actually, coming out of Marine one, pardon me, getting ready to get on Air Force One.
From Andrews Air Force base, he'll be heading to Denver. We will be bringing that to you, of course, just as soon as that signing takes place. Slated for 2:40 Eastern time. So when that happens, once again, you'll be able to see it live right here on CNN. President Obama getting ready to board Air Force One, at Andrews Air Force base.
Also today, a critical deadline for General Motors and Chrysler. The troubled automakers have to turn in their survival plans and show how they can repay billions of dollars of bailout money. CNN's business correspondent Stephanie Elam has the latest now, coming to us from New York this morning. Hi there, Stephanie.
STEPHANIE ELAM, CNN BUSINESS CORRESPONDENT: Hi, Heidi. Today is in fact the day of reckoning for General Motors and Chrysler. We expect to hear the details of their turnaround plan later on today. And now if those plans don't prove viability, the U.S. could actually recall the loans. This is an important day. So far, Chrysler has gotten $4 billion. General Motors have received $13.4 billion up until today, but will get an additional $4 billion from the U.S. government.
That's going to happen at some point today. That will fulfill the Bush administration's agreement to help GM's restructuring efforts. Now, in a letter to the heads of GM and Chrysler, speaker of the House, Nancy Pelosi, and chairman of the House financial services committee Barney Frank said they want to know the car company's plans for long-term viability, for ensuring stakeholders share equally and the industry's turnaround as well as their commitment to protecting benefits.
Now beyond that, the House wants to see a plan that protects taxpayers while ensuring that they benefit as conditions improve. And Pelosi and Frank want the automakers to commit to meeting or beating fuel efficiency requirements as well, Heidi. So those are some points that they're definitely going to be looking for today.
COLLINS: Yes, and then the other question, of course, is how much more money are the car companies going to be needing?
ELAM: Yes, that's a huge question here. Because you have to remember back to when they first went and testified before Congress, GM and Chrysler asked for $34 billion originally but many experts believe it's going to take more like $75 to $125 billion to actually go ahead and restructure Detroit.
Now, one thing I should also mention here, I know we always talk about the big three out of Detroit. We're not talking about Ford on this one. That's because the car maker said it doesn't need government assistance, but it did previously ask for a $9 billion line of credit, just in case conditions worsened, Heidi. So they still gave themselves a little safety line there.
COLLINS: A little?
ELAM: Well, yes, compared to the other numbers, I guess. Everything is relative at this point. But at this point right now, we're really looking to hear from General Motors and Chrysler.
COLLINS: Yes. All right. We are watching closely. Stephanie Elam, thank you.
ELAM: Thanks.
COLLINS: The housing industry, another ailing part of the economy. Foreclosures are at a record high, and President Obama is ready to act. Tomorrow in Phoenix, he'll unveil a plan to help Americans who are at risk of losing their homes.
(BEGIN VIDEO CLIP)
TIMOTHY GEITHNER, TREASURY SECRETARY: This crisis in housing has had devastating consequences, and our government should have moved more forcefully to help contain the damage.
(END VIDEO CLIP)
COLLINS: Expected to cost $50 to $100 billion, the housing plan targets foreclosures by modifying loans for troubled borrowers. Some economists say the plan may not be big enough for a problem that is only getting worse.
So buckle up. It could be a bumpy day for your stocks. Concerns over the economy and doubts about the stimulus package are dragging down Wall Street. We'll look at those numbers, coming up in just a few minutes.
Overnight, though, Asian markets tanked, as evidence of the global recession deepened. Benchmarks in Hong Kong and South Korea closed down about four percent. And in Europe, concerns about the banking industry have weighed down stocks and kept markets in the negative all morning long.
So let's go ahead and check out that big board now. Unfortunately, down triple digits significantly, just in the first 40 minutes of trading or so. Dow Jones industrial average is down by 248 points. We will continue to follow those numbers throughout the day here.
In fact, it could be months before we see the effects of the stimulus bill in our economy. But what's happening right now, in just about 20 minutes or so, we're going to take you live to three major cities and give you a snapshot of how workers, real people, like you and me, are coping with the money crisis. Make sure you stick around for that.
The economy will also be the focus of a special "AC360" hour. The CNN Money team, the CNN Money Summit with Anderson Cooper and Ali Velshi, tonight at 11:00 p.m. Eastern.
Fierce winds, steady rains and blinding snowstorms take their toll all along the Pacific coast, California in particular. We're seeing a lot of flash flooding, and in the Los Angeles area, mud. Lots of it, in fact, is running down the streets of Sierra Madre, devastated by wildfires last spring.
And in the higher elevations, there is snow. At least two feet of snow, in fact. Rob Marciano joining us now from the severe weather center. Boy, that's what happens, you know, people might forget that when you have wildfires like that, later on in the season when it starts to rain, the mud and everything else just comes washing right down. There is nothing to hold it back.
ROB MARCIANO, AMS METEOROLOGIST: Yes, the good part about this event, Heidi, it's happened over a fairly long period of time, and the rain has been fairly consistent and not coming down two or three inches at a time.
COLLINS: Good.
(WEATHER REPORT) COLLINS: To this story now, a teenage girl dead inside the barracks of a U.S. military base. What was she doing there, and why was her life cut short?
(COMMERCIAL BREAK)
COLLINS: Roses laid around the area where 50 people died in a plane crash last Thursday near Buffalo, New York. They were placed there by the victims' families and friends. CNN's senior correspondent Allan Chernoff is in Clarence Center now.
Allan, you've been to that site. It's I'm sure a very emotional one. What have investigators learned so far? We know about the flight data recorder and the cockpit voice recorder. But obviously, there's a lot more to learn here.
ALLAN CHERNOFF, CNN SENIOR CORRESPONDENT: Right. And they're going to be studying this for many, many months. They've been there for several days, collecting as much information as they possibly can. And they haven't ruled anything out, just yet. They're looking the at the engine, they'll be looking at it in much greater detail in the days to come.
They're also looking at the possibility of human error. They're also looking at the possibility of some sort of mechanical error. But the primary focus right now is on the combination of icing and also on the fact that the pilots were using the autopilot as they approached the airport.
(BEGIN VIDEOTAPE)
CHERNOFF (voice-over): In only 26 seconds, flight 3407 fell out of the sky, twisting and rolling, uncontrollably, until it flopped on a single home six miles from the Buffalo-Niagara airport. It happened so suddenly that the pilot approaching the airport on autopilot appears to have had little chance of preventing the aircraft from stalling.
GREGORY FEITH, FORMER NTSB INVESTIGATOR: If the autopilot is flying the airplane, by the time the autopilot turns off or disengages, now the airplane is in an unusual latitude, then the pilot has to try and do so many mental gymnastic, things like trying to figure out what the position of the airplane is, and what the appropriate corrective action is and at a low altitude that, is just not possible for successful recovery.
CHERNOFF: Flying on autopilot is standard operating procedure in most conditions, according to the National Transportation Safety Board. And the flight manual for the aircraft, a Bombardier Q400 turboprop, says autopilot may be used in icing conditions, with the exception of severe icing conditions. Weather conditions last Thursday night were light to moderate icing near Buffalo.
Experts say, though, it's possible for an aircraft to encounter patches of heavier ice. Even though the pilot had the de-icer on for most of the flight, aviation experts say with the autopilot engaged, the crew may not have been aware of exactly how much ice had built up on the wings or the tail.
PUNEET SINGLA, ASST. PROFESSOR, UNIVERSITY OF BUFFALO: They don't have a very good view of the wing of the aircraft. He cannot look outside and see that there is ice or not. There is no cameras installed to give him a view of the wing.
CHERNOFF: He has to rely on his own manual feel.
SINGLA: Yes.
(END VIDEOTAPE)
CHERNOFF: It will be many months before the National Transportation Safety Board comes to a conclusive explanation as to what exactly caused that horrific crash. But near the top of the list of possibilities is that combination of icing and the use of the autopilot. Heidi.
COLLINS: Yes, and Allan, hasn't there been a little bit of discrepancy between what the NTSB says and recommends regarding autopilot and what the FAA says, and their sort of recommendations?
CHERNOFF: Well, the FAA says it advises pilots to follow the manufacturers' recommendation. The manufacturers' recommendation is in severe icing, in that case, you should use manual. Otherwise the manual says, as we mentioned in the story, the manual says for moderate, light icing, autopilot should be OK. So the FAA defers to the manufacturer.
The NTSB has said to the FAA, look, we would like to make it more of a rule -- more mandatory, and they -- there is some dispute there between the NTSB and the FAA. But it's still a tough balance between the two, let's say.
COLLINS: Yes, absolutely. All right. CNN's Allan Chernoff for us following the Buffalo plane crash. Thanks so much, Allan.
New leads now in the disappearance of five-year-old Haley Cummings. The Putnam County Sheriff's office gave an update on the investigation just a little while ago. Yesterday, 50 officers conducted a grid search for the missing girl, and efforts continued into the night.
(BEGIN VIDEO CLIP)
CAPT. STEVE ROSE, PUTNAM COUNTY SHERIFF'S OFFICE: We utilized a source of federal, state and local officers to conduct an area canvas, a neighborhood canvas, of Haley's neighborhood and the adjacent neighborhoods, and we were able to come up with several good leads that we are following up on today.
(END VIDEO CLIP)
COLLINS: Authorities are not asking for volunteer searchers anymore. Haley disappeared from her home more than a week ago. Investigators do believe she was abducted. Two teenage girls, one dead, one unconscious, inside an army base barracks. A startling discovery made over the weekend at Washington state's Fort Lewis. Now the base is left with many questions. Reporter Elisa Hahn has more now with affiliate KING.
(BEGIN VIDEOTAPE)
ELISA HAHN, REPORTER, KING: The Fort Lewis Criminal Investigation's division is trying to figure out how two civilian, 16- year-old girls got into the Army barracks, and how one of them died.
SANDY SAYGAZ, PIERCE COUNTY RESIDENT: It's not surprising to me at all. There is always underage girls at the barracks. And I know, because I used to be one when I was young.
HAHN: Emergency personnel responded to a 911 call around 3:30 a.m. Sunday, after two girls were found unresponsive in the Army barracks. One of them died on the scene, the other now listed in stable condition at Madigan Army Hospital. There were no visible signs of trauma. CID says a male soldier is being questioned, but no one arrested.
VOICE OF JOE PIEK, FORT LEWIS: It's a very tragic event, and their being there is rather unusual, and so we are looking at that. We are reviewing our policies and our procedures. Already with regard to civilians being on post.
HAHN: Locals tell us that underage girls get on post all the time. This gas station parking lot, a popular place to meet up with soldiers.
PAUL SUMMERS, PIERCE CO. RESIDENT: People meet here in this parking lot all the time and they go over there. Leave their cars, parked the cars along the street and they meet. And they're always young.
HAHN: Soldiers tell us off camera that guests can stay overnight if they're legal age and are signed in. Many guests are sneaked in through a back door.
MICHELLE WASHINGTON, SOLDIER'S WIFE: I think it happens more often than we probably know but like I said I don't think they're checked.
(END VIDEOTAPE)
COLLINS: No arrests have yet been made. A Fort Lewis spokesman says both teens were not related to anyone on the Army post, but an autopsy will be performed to learn what caused the girl's death.
A woman is almost killed after being attacked by a 200-pound pet chimpanzee. The incident's happened when the pet's owner called the friend to help her get the chimp back inside the house, but the chimp jumped on the friend, biting and mauling her.
The 55-year-old woman is in the hospital with life-threatening injuries. Stanford, Connecticut police were called to the house and shot and killed the chimp after he attacked an officer. The chimp had a previous scuffle with police back in 2003.
Surgeons are always experimenting with new techniques, but you might not believe what's going on in some operating rooms these days.
(COMMERCIAL BREAK)
COLLINS: Twittering. People do it while standing in long lines, at their desks, at the gym, and now apparently in the operating room. We put our senior medical correspondent Elizabeth Cohen on the case. So Twittering during surgery now, Elizabeth.
ELIZABETH COHEN, CNN SENIOR MEDICAL CORRESPONDENT: Yes, it was quite interesting. I spent the day last week in an operating room in Detroit, and watched while surgeons communicated with the world via twitter.
(BEGIN VIDEOTAPE)
COHEN (voice-over): It's just after 7:00 a.m. at Henry Ford Hospital, and a surgical team is about to embark on a complicated cancer surgery.
UNIDENTIFIED MALE: Let's do this!
COHEN: They are ready to go. Doctors, check. Nurses, check. Twitter! Check. Twitter?
UNIDENTIFIED MALE: So we are Twittering? Well, good.
COHEN: That's right. Surgery meets social networking. The surgeons are Twittering the entire procedure for all of the world to read.
So why are you Twittering a surgery?
DR. CRAIG ROGERS, DIR. OF UROLOGIC ONCOLOGY, HENRY FORD HOSP.: We're trying to use this as a way to get the word out.
COHEN: Teaching via Twitter. Dr. Craig Rogers and his team want people to know about a relatively new technique to remove a cancerous tumor on the kidney without having to remove the entire kidney. Wow. Live tweeting of surgery from Michigan tweets one follower. While the Dr. Rogers performs the robotic surgery, chief resident Dr. Roge Langani (ph) documents what's going on in real time.
UNIDENTIFIED MALE: There is the tumor. See it? Right there.
COHEN: They finally reached the tumor, but then the Dr. Langani has to tweet some bad news.
UNIDENTIFIED MALE: My gosh, this is big.
COHEN: Dr. Langani immediately lets the Twitter-verse know. The tumor has been isolated and it has been penetrating very deep into the kidney.
UNIDENTIFIED MALE: OK, Spencer, let's talk this through.
COHEN: They may have to remove the entire kidney, and that's exactly what they didn't want to do. Dr. Rogers knows the Twitter universe is watching.
UNIDENTIFIED MALE: Could I have picked a harder case for this?
COHEN: Adding to the tension, they have only 30 minutes to get the tumor out before a lack of blood flow damages the kidney. Then there is another problem. They're having trouble controlling the bleeding.
UNIDENTIFIED MALE: I'm going to need you to suck like there is no tomorrow.
COHEN: Just in the nick of time, crisis diverted. In the end, Dr. Rogers saves the whole kidney and shares the good news with the Twitter-verse.
UNIDENTIFIED MALE: Nice Twittering. You're a master Twitterer.
(END VIDEOTAPE)
COHEN: Now, the surgeons hope that people who need this kind of surgery will read the tweets online and will see the video, and hopefully it will make their experience having the surgery a little bit less scary, maybe a little bit more familiar.
COLLINS: Yes, and interesting too that it's being used as a teaching tool in the operating room. But it looks like they're kind of doing it as teams, surgical teams, because you're not operating and Twittering at the same time.
COHEN: Correct. We want to be clear about that. There was one surgeon who was operating, and his chief resident, a different surgeon, was doing the Twittering. So, the guy Twittering didn't walk over and put his hands on the patient. There were two totally different jobs. Then you saw at the end that Dr. Rogers, the chief surgeon, as soon as he was done with the surgery, he went in and did the final tweet, telling everyone that everything was OK.
COLLINS: Yes, very glad it was a successful case.
COHEN: Yes. It certainly was. Almost wasn't, but it was in the end.
COLLINS: Very good.
All right. Elizabeth Cohen, thank you.
Swimmer Michael Phelps is off the hook. The sheriff of Richland County, South Carolina says Phelps won't face criminal charges now in connection with that famous photo. Phelps was relieved by the news.
(BEGIN VIDEO CLIP)
MICHAEL PHELPS, OLYMPIC SWIMMING CHAMPION: I'm very happy to have this thing sort of as rest a little bit. I realize that I have made a mistake, and bad judgment, and you know, this is something that I need to learn from and I will learn from and have learned from.
SHERIFF LEON LOTT, RICHLAND COUNTY, SOUTH CAROLINA: He has gotten one of the most highly publicized mistakes I think you can ever make when it comes to drugs. We have to take that now and use it in a positive way to teach our kids.
(END VIDEO CLIP)
COLLINS: The sheriff also says there wasn't enough evidence to prosecute anyone in the case, except maybe his hairdresser.
The economy tanks. The people suffer. We'll look beyond the billions of dollars and see the crisis through the eyes of those who live it, and are determined to help. A snapshot from around the country.
(COMMERCIAL BREAK)
COLLINS: The nation's recession. Millions of Americans are struggling. And, quite simply, it's becoming harder to help them.
We're going to check in now with cities across the country to see the economy beyond the numbers a bit. In Chicago, the executive director of a food bank where donations are down, but needs are up. In Phoenix, a key point in the nation's foreclosure crisis, we'll talk to a housing expert from there. And in San Francisco, the search for a paycheck. The job market is flooded. Companies aren't hiring. We'll get advice from a job developer.
Let's begin in Chicago now with Kate Maehr, the executive director the Greater Chicago Food Depository. So Kate, I just want to ask you right off the bat here, what do your food shelves look like?
KATE MAEHR, EXEC. DIR., GREATER CHICAGO FOOD DEPOSITORY: Well, we're seeing such a dramatic increase in the number of people turning to our network of pantries. We're actually up 33 percent in the number of visits to the 600 pantries that we serve here in Cook County.
COLLINS: Up 33 percent. Now, is this because -- I'm just curious. Is it different people that are coming in that you haven't seen before, or is it the same people who are now coming in more often?
MAEHR: Well, it's both. And what I think is most startling is that 88 percent of the agencies that we distribute food to are reporting clients who have never before come to that food pantry.
COLLINS: So, who are they? who are these people specifically?
MAEHR: Well, we're seeing a lot of people who are still employed but maybe the hours have been cut back on their job, as well as a significant number of people who are newly unemployed.
COLLINS: All right. What do you do? How do you make up for this significant increase in demand? You say, once again, you're up 33 percent now.
MAEHR: That's right. Well, in our case, what we're trying to do, and this is being mirrored by food banks all across the country, we are doing everything we can to get more food in and more food out. And so, we are just -- every food drive matters, and so we're telling people, we need them to support the hunger issue like never before.
COLLINS: All right, Kate, thanks so much for that. We appreciate the snapshot, if you will, of what's happening in Chicago regarding food donations and the shelves there.
Want to get now to the housing issue and the nation's record foreclosures. Jay Butler is studying the crisis in Phoenix specially, where President Obama will unveil a new program for homeowners. That will take place tomorrow. He's the director of realty studies at Arizona State University. So, Jay, give us the situation, the current situation in Arizona. Aren't you placed, like, sixth in the top ten cities across the country that are facing the most foreclosures?
JAY BUTLER, DIR. OF REALTY STUDIES, ARIZONA STATE UNIV.: Yes. We're usually in the top five, and a couple of times we have been number one on the number of foreclosures. And sort of in the drop in value of the homes, we've been number one.
COLLINS: Why Arizona, or, specifically, Phoenix?
BUTLER: Well, basically, it was a hot market starting in about 2004, sort of came along the lines of Las Vegas and other communities throughout the world. And values escalated quite rapidly. People sort of got into this perfect storm of buying homes either to live in or invest or to flip. And they're now paying the price.
COLLINS: Do you think from what you know about the economic recovery plan, and what President Obama is going to unveil there in Phoenix tomorrow, that there is enough in there for homeowners?
BUTLER: Well, there's at least a beginning. The basic idea is we've seen that the monthly payment will be taken down to some percentage of income. But we also need to look at other things that people have to pay, such as utilities, homeowners association fees and, of course, the value of the home itself. They still have a home that's probably well under the debt they have on it. And that has to be taken care of before they can begin to sell it and when the market begins to recover.
COLLINS: What do you think people in your area really want to hear from the president tomorrow?
BUTLER: Well, one, I think some idea of a program that they can buy into, and consistency. I think that one of the things is people aren't really certain just how to make contact or who to contact in order to begin to help them. Also, frequently you don't make a contact until or they want to talk to you until you've missed three monthly payments. We may need to be more aggressive and allow people to do it earlier.
COLLINS: Yes. Good idea. All right, Jay, we appreciate that.
And we want to get now to jobs and a paycheck that of course is the lifeblood of most American households. For that, we go to San Francisco, and Aram Attarian links workers and employers at the One Stop Career Center in Alameda. Thanks for being with us, Aram. So, are you seeing a lot more people now? I would imagine the answer is yes.
ARAM ATTARIAN, ONE STOP CAREER CENTER: Yes, we are.
COLLINS: Tell us who they are, and specifically, if they are people who have just recently lost their jobs, because obviously we're hearing a whole lot coming from California specifically today. Going to be 20,000 more people potentially in that job-loss category.
ATTARIAN: Well, we are seeing a lot more people, what we call dislocated workers, people who have been laid off in mass layoffs. We also see a lot of college students looking for part-time work and a lot of people who are nervous about their jobs, who are already employed.
COLLINS: What do you tell them? What's the first step?
ATTARIAN: Well, the first step is to do analysis and an assessment of what they can do and what they want to do, and then look at the job market, see where they might fit in.
COLLINS: And so are you usually steering them towards something that they've already been trained in, or are you actually telling people you may have to either go back to school for a different trade or you may have to think about maybe going in a direction that you hadn't thought of previously?
ATTARIAN: Well, we try to get them to think about where they can use their transferable skills in another job, not necessarily in another industry. But we'll also find financing for retraining.
COLLINS: OK. Interesting. What jobs are available? What's the best place to go?
ATTARIAN: It's hard to say. It's very random right now. Used to be up until the middle of last year, employers would do what I would call mass hirings, five or more people. We don't see much of that now. So --
COLLINS: Yes, yes. Probably not. All right.
Well, we just wanted to give you a snapshot of all of these different issues across three of the major cities in this country. So, Kate Maehr with the food banks in Chicago, thank you for your time. And Jay Butler from Phoenix, our Realtor there and professor as well at ASU, and Aram Attarian from San Francisco talking about the job situation. Thanks so much everybody. Appreciate the time.
The auto industry and the stimulus bill are both in focus in Wall Street today, and we are seeing a sharp pullback in the early going, anyway. Let's check in now with Susan Lisovicz, who's on the floor of the New York Stock Exchange once again this morning.
Hi there, Susan. I'm not even sure where we're at. Last time I looked, we were to the negative about 245 points.
SUSAN LISOVICZ, CNN CORRESPONDENT: Yes. And that's about where we are right now, Heidi. Not a real surprise that we were going to open lower, even after that three-day holiday weekend, that investors would be returning with a bleak outlook. We saw a huge selloff in Asia and in Europe, and what you're seeing now is a rout.
There are about 200 stocks moving higher here at the New York Stock Exchange. There are 2,700 that are moving lower. That's the kind of rout I'm talking about. Why is that, despite the fact that President Obama is expected to sign that stimulus bill?
Well, there's a lot of hand-wringing over whether it's really the shock and awe that the world's largest economy needs to pull itself out of this recession. And continuing complaints about the lack of clarity with the son of TARP or TARP II. We just don't have a lot of details.
Meanwhile, of course, continuing signs of the recession. An hour before the opening bell today, Heidi, there was a report on New York state manufacturing came in much lower than expected, and that really pushed the futures lower, and so what you're seeing right now is the Dow off 269 points at 7580. The low of this bear market is 7552.
So, it is getting very close to testing those lows. And what happens when you test that support level, if you go below it, then you try to find the new support level. So, it becomes a self-fulfilling prophecy, basically, that a lot of sell programs sometimes kick in when you go below certain levels. But what you are seeing is a sharp selloff.
COLLINS: Yes, well, let's talk about something good. I mean, there is at least one place where people are spending their money, and it's Wal-Mart. They're reporting earnings this morning.
LISOVICZ: That's right. And Wal-Mart's profits fell for the quarter. The fourth quarter was terrible for virtually all retailers. But its sales improved. In fact, Wal-Mart said its sales were the best in the company's history. Why did the profit fall? The profit fell because it's a big multinational company, like so many companies that trade here at the NYSE. It's the dollar strengthened, so international sales were hurt.
But domestic sales, that is a place where people are going to stretch their dollars. Nearly half of Wal-Mart's revenue, food. And what are people buying these days? They're buying essentials. So a lot of folks are going to Wal-Mart. Wal-Mart's the only Dow 30 stock that's moving higher. Its shares are up 3 percent, but not enough to undo the damage that we're seeing in the early going, Heidi.
COLLINS: All right, Susan, we'll be watching throughout the day here in the CNN NEWSROOM. Thank you.
LISOVICZ: You're welcome.
COLLINS: Want to let you know the economy will be the focus of a special "AC360" hour. The "CNN Money Summit" with Anderson Cooper and Ali Velshi, that will happen tonight, 11 p.m. Eastern.
Taking advantage of the stimulus. Now may be the time to go green around your home with a little help from the federal government.
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COLLINS: A stormy season. California is getting smacked with rain, snow and mud from north to south. The ground is so soggy, huge trees are literally falling over in some areas. In the mountains, heavy snow forced the shutdown of Interstate 5 north of L.A. for quite some time. The people of Sierra Madre are just trying to keep the mud out of their homes. That area was hit by wildfires last spring.
Rob Marciano watching it for us this morning in the severe weather center. Hey there, Rob.
MARCIANO: Well, Heidi, this is the last of several storms, thankfully, for folks who live in California, until the next batch comes around. But they will get a bit of a break.
Satellite picture shows a little bit of -- well, less action, I suppose you could say, back behind this system. All right. (INAUDIBLE) and then we'll roll around? These clouds that you're seeing swirl around into San Francisco, this is some colder air that will help turn off the spigot a bit, and as that does so, things will begin to dry out somewhat. This wave train of storms that have rolled into the, well, really the center part of California, but up and down the coastline, they have seen steady rain for the past several days, and obviously mountain snows as well. Some of that has been, well, very impressive.
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COLLINS: If you want to green up your home and get the government to kick in for a part of the bill, now may be time to do it, thanks to the stimulus bill. Alison Kosik has our "Energy Fix" now from New York. Hi there, Allison.
ALISON KOSIK, CNN CORRESPONDENT: Hi, Heidi. About $8 billion worth of stimulus money is destined for home energy improvements, so if you've been thinking about replacing an old furnace or poorly insulated windows, this may be the year to act. The stimulus allows homeowners to claim a 30 percent tax credit for energy-efficient purchases and renovation. That is up from 10 percent currently.
Now, keep in mind, the credit can't exceed $1,500, and be sure to save your receipts for tax time. Purchases have to meet certain efficiency levels to be eligible. So, check the manufacturers' Web sites and make sure they qualify. If you're thinking of investing in a new energy-efficient dishwasher or clothes drier, there is also money for that. The stimulus includes $300 million for rebates on Energy Star appliances. That's on top of rebates already available from about 15 states. Not a bad deal, Heidi.
COLLINS: Yes, what about weatherizing homes? I mean, isn't that a big chunk of the stimulus?
KOSIK: It really is a big part of it -- $5 billion is set aside to weatherize low- and middle-income homes. That's up from just $500 million last year. Weatherizing can be as simple as caulking and sealing or as extensive as replacing leaky windows and old furnaces. And it can shave an estimated 358 bucks a year off the average home's electric bill.
Income eligibility varies by state, but generally, a family of four has to be making less than $32,000 a year to qualify. President Obama says not only will this program cut energy costs for low-income Americans and improve the nation's energy efficiency, but he says it will also create tens of thousands of green jobs.
For more "Energy Fixes," log on to CNNmoney.com. Heidi, back to you.
COLLINS: All right, Alison, thank you.
KOSIK: Sure.
COLLINS: The Taliban taking control, given their own part of Pakistan. Women now fleeing the area, afraid for their lives.
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COLLINS: It's supposed to be a U.S. ally in the fight against terrorism. So, why is Pakistan giving up some control to one of America's sworn enemies? CNN's Stan Grant has more now on fears of the Taliban power grab.
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UNIDENTIFIED FEMALE: Our prophet Muhammed's wife --
STAN GRANT, CNN CORRESPONDENT (voice-over): I can't show you this woman's face, or tell you her real name. She prefers to be known as Gul Bibi. She has fled Pakistan's Swat Valley in fear of the Taliban. Fighting back tears, she says she's already seen one very close family member executed by the militants. Fears more killing is still to come.
GUL BIBI, FLED PAKISTAN'S SWAT VALLEY: I have three kids, for God's sake. The whole point is, if it's not contained in Swat, it's going to spill all over. It's going to spill all over in Pakistan, and the West also doesn't realize the seriousness of the situation, because probably your next 9/11 is going to be from Swat. GRANT: Gul Bibi has chosen to speak to CNN to express her anger at a deal struck by the Pakistan government and the Taliban, allowing the imposition of strict Islamic law in Swat. The militants winning this concession from the local government after a reign of terror: beheadings, kidnappings, women oppressed, schools burned to the ground. Terror Gul Bibi says she has personally witnessed.
GUL BIBI: They're beheading people. They're killing people. There's no accounting for what they're doing.
GRANT: The militants claim the local people support their push for Sharia law. Gul Bibi says she is a strict Muslim. She observes the teachings of the Koran, but says the Taliban's version of law has nothing to do with religion. It's about oppression, especially of women.
GUL BIBI: For God's sake, in the West, you must realize this. No education for women? You are going to destroy an entire generation.
GRANT: The regional government in the Swat Valley has struck the deal to allow Sharia law in return for the militants agreeing to a ten-day cease fire. The chief minister says people are tired of the killing.
He says human rights will be protected, and this agreement is necessary to bring peace.
(on camera): The government says that they've had to do this deal for -- it is the price of peace, this negotiation. What do you say to that?
GUL BIBI: What is this peace deal? This peace deal is the peace deal according to the Taliban. It's a weakness of -- I feel it is a weakness, according to the government. It's a weakness. They've given in.
GRANT: Gul Bibi lives here with other women who have fled the Swat Valley in fear for their lives. She has three children, and her dream is to one day go back, something she simply can't contemplate right now.
GUL BIBI: I want peace more than anyone else. It's my home, it's where I want my children to go back to, it's where I want to live, completely -- I love Swat. It's because of my love and my passion for Swat that I'm speaking.
GRANT (voice-over): Stan Grant, CNN, Islamabad.
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COLLINS: President Obama's economic recovery plan, $787 billion. That's without the interest. What are the lessons learned? We'll tell you how the past two weeks could shape the next several years in the White House.
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COLLINS: President Obama due to sign the economic recovery package today. The battle hard-won, and what he learned the last couple weeks could impact the rest of his press see. CNN senior white house correspondent Ed Henry explains.
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ED HENRY, CNN SENIOR WHITE HOUSE CORRESPONDENT (voice-over): On the road again for President Obama, now pitching his plans for dealing with record home foreclosures and trying to thaw frozen credit markets. White House aides say it's one of several learns learned from the stimulus fight. He's better at selling his ideas when he gets out of Washington.
HILARY ROSEN, DEMOCRATIC STRATEGIST: He has learned over the course of the last few weeks, getting out to the country, getting the people to remember why they elected him, and I think he's going to continue to take the case directly to the American people.
HENRY: Lesson two was articulated to a handful of newspaper columnists, including E.J. Dionne of "The Washington Post," who were invited aboard Air Force One on Friday. The president suggested he will no longer let bipartisanship become the barometer of his success, telling the columnists, "You know, I am an eternal optimist. That doesn't mean I'm a sap."
E.J. DIONNE, JR., COLUMNIST, "THE WASHINGTON POST": By talking so much about bipartisanship, he allowed others to judge him by how much Republican support he got. He wants to get things done with or without Republican votes, preferably with them. But he'll be happy if he just gets it through.
HENRY: Lesson three. The president faced all kinds of criticism for the meandering nature of the stimulus negotiations, but in the end, he won anyway. So Mr. Obama is saying, he will not be afraid to experiment with the next phase of the bank bailout, even if he has to reevaluate and change course midstream, telling the newspaper columnists, "We will do what works."
DIONNE: That he wants to be pragmatic without being unprincipled. There are things he wants to get done. He's much more concerned about where he's going than the road there. If the road is a little crooked but it gets you there, that's not better than not getting there at all.
HENRY: Lesson four. It may have been a mistake for the president to give Republicans large tax cuts early in the stimulus talks. In his first presidential press conference, Mr. Obama suggested he would take a harder line with Republicans in future negotiations.
BARACK OBAMA, PRESIDENT OF THE UNITED STATES: I mean, I suppose what I could have done is started off with no tax cuts, knowing I was going to want some, and then let them take credit for all of them. And maybe that's the lesson I learned. But there was consultation. There will continue to be consultation.
HENRY (on camera): Or as the White House chief of staff, Rahm Emanuel, put it, the president has an open hand, but he also has a firm handshake.
Ed Henry, CNN, the White House. .
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COLLINS: It is your money. His stroke of the pen. We'll have live coverage of President Obama signing the economic recovery plan. That's scheduled for 2:40 Eastern time, 11:40 Pacific.
I'm Heidi Collins. Join me again tomorrow morning beginning at 9 a.m. Eastern. For now, CNN NEWSROOM continues with Tony Harris.
