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First Lady Michelle Obama Speaks at Women's Memorial at Arlington Cemetary; White House Press Secretary Robert Gibbs Daily Breifing; The Help Desk Answers Viewers Questions
Aired March 03, 2009 - 14:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
KYRA PHILLIPS, CNN ANCHOR: Well, pushing forward on the global economic explosion. U.S., UK, your money. The British leader crosses the pond to meet with President Obama and work up a united front on the crisis.
Mr. Obama wanting to push you forward from the great Dow death watch. A day after stocks' latest low, he says fits and starts are to be expected.
And if money questions are starting to give you fits, shoot us an email. Some more answers from our Gerri Willis this hour.
Hello, everyone. I'm Kyra Phillips live at the CNN world headquarters in Atlanta. And you're live in the CNN NEWSROOM.
All right, pushing forward, while looking back at the Department of the Interior. Any minute now, President Obama will help celebrate the department's 160th birthday. He'll bring a gift for endangered species, at least a temporary hold on a Bush administration order that lessened protections for plants and animals in the path of construction projects. We're going to come back to the president as soon as he steps up to the podium there.
The first lady this hour, visiting Arlington National Cemetery and it's Women in Military Service for America Memorial Center; it's part of her focus on military families which she began during the campaign.
We're also watching what's happening on the other side of the Potomac River. The White House briefing set to get under way at half past the hour. We'll be there live as soon as Robert Gibbs steps up to the mic.
And Secretary of State Hillary Clinton has been meeting with her counterpart in Israel. It was a meeting where Iran's ears must have been burning. Clinton and Tzipi Livni talking about Iran's nuclear program as well as Hamas' control of Gaza. Clinton assured leaders in Jerusalem that the U.S. would do everything it can to ensure Israel's security now, and in the future. Yesterday Clinton promised $900 million to help Palestinians.
Now, earlier today, the president's focus was global, the worldwide economic meltdown. CNN's Dan Lothian joins me with that.
Dan, tell me about today's visit by the British prime minister. DAN LOTHIAN, CNN WHITE HOUSE CORRESPONDENT: They're here, the British Prime Minister Gordon Brown meeting with President Obama, touching on a number of issues, including Afghanistan. But obviously the number one issue is the economy. Both of the countries going through an economic crises. And perhaps Mr. Brown having more to gain from this meeting, because he's been unpopular in his country, as he's tried to stimulate the economy there, a bank bailout as well.
But in general, what the two leaders are trying to show in this meeting here at the White House is that they view their economic problems as part of this global community, that everything around the world is connected, interconnected, when it comes to the economy, and so when one country falls, or falters, it impacts the entire world. Take a listen.
(BEGIN VIDEO CLIP)
BARACK OBAMA, (D) PRESIDENT OF THE UNITED STATES: One of the things that Prime Minister Brown and I talked about is how can we coordinate so that all the G20 countries, all the major countries around the world, in a coordinated fashion are stimulating their economies. How can we make sure that there are a common set of principles in terms of how we're approaching banking. So that problems that exist in emerging markets like Hungary, or the Ukraine don't have these enormous ripple effects that wash back onto our shores.
GORDON BROWN, BRITISH PRIME MINISTER: That's why we're looking ahead to the G20 in London in April, because a bad bank anywhere can affect good banks everywhere. So we've got to root out the problems that exist in other parts of the world.
(END VIDEO CLIP)
LOTHIAN: Now, Kyra, President Obama was asked about this stock market, and the daily erosion that we've been seeing on Wall Street, reaching record lows. And he said, you know, that if you watch Wall Street, and the numbers, it's like watching tracking polls during the campaign. And he said that that's no way to really build any sort of economic consensus rather long term. That we need to look at this in a long-term picture, not in the ups and downs in the stock market on a daily basis, Kyra.
PHILLIPS: Before we go to Susan Lisovicz there on the floor of the New York Stock Exchange, what is the White House actually saying about the bad news we've been getting from Wall Street every single day, Dan?
LOTHIAN: Well, they say it's clearly bad. And this shows that the economy is bad. Obviously that's no secret at all. But what they're saying is that you can't look - isolate those numbers. They're doing everything they can to bolster the economy, to turn things around. But you can't watch the numbers on Wall Street and use that as an indicator as to what is happening in the economy.
And so they say you really need to look long term. What they're doing, the stimulus package, these bailouts, other things they might plan to do in the future, injecting more money to turn the economy around. Those are things that they're focusing on, not the daily movements of the stock market. But none the less, American people care very much about that, because they're watching their 401(k)s cut in half or even worse.
PHILLIPS: Exactly. Dan Lothian, thanks so much that's exactly why we go to Susan Lisovicz now. She does watch it every single day for us.
And Susan, you heard Dan. He's talking about long-term investment as the White House is saying and spending money. But, you know, every single day when you're looking at your 401(k) and seeing how it's tanking, it's really hard to kind of have that faith.
SUSAN LISOVICZ, CNN FINANCIAL CORRESPONDENT: That's an excellent point, Kyra.
Look, we're all invested basically. We're tied to the stock market. The market daily fluctuations, we've been trained not to look at them just in and of itself. But the long-term trends have been troubling. And President Obama is a new president. He inherited quite a bit. There's no question about it.
But there's also no question that the Street is frustrated by some of the things he has said, or some of his people have said, or haven't said. One example would be Treasury Secretary Geithner, for instance, when he recently said he had a plan to bail out the banking system. Well, it was a plan about a plan. And you saw the markets sell off.
Some of the president's more somber rhetoric, you know, that, hey, it's going to get worse before it gets better. It's a fine art in being a cheerleader as the chief executive of the United States. In terms of substance, you know, some pros are saying, look, the stimulus doesn't create incentives to either take on risk, that is buying stocks or making loans, or consuming more, which is obviously the engine of growth.
The fact that AIG, four cash infusions, it's already propped up by the government, that's not exactly something that makes you want to go in and buy stocks. It's a penny stock now. It used to be a Dow 30 stock. A lot of complaints about the sense that you're getting from the Obama administration that they're making it up as they go along.
And so there's a lack of confidence. And you look at the Big Board right now, the Dow is up 28 points, after closing below 7,000 for the first time since 1997, Kyra. So there's obviously a lot of worry still in the stock market.
By the way, we got data, just this afternoon, auto sales, GM sales down 53 percent last month. That's year over year. Ford sales fell 48 percent. So we've got problems in the economy. The administration is scrambling to try to address it. And meanwhile you're seeing that worry reflected in this bear market, Kyra.
PHILLIPS: Susan, thanks. And the White House budget director pushing forward to fiscal 2010. Peter Orszag testified about the budget today before a House committee. He borrowed a line from a country song to describe how to cut the federal deficit in half within four years. Take a listen.
(BEGIN VIDEO CLIP)
PETER ORSZAG, WHITE HOUSE BUDGET DIRECTOR: None of this is going to be easy, whether it's from in education, in energy, in health care, responsibly reducing the deficit in an honest way over the medium term. But as the country music singer Toby Keith once put it, "There ain't no right way to do the wrong thing." And this budget reflects that notion.
In being honest, in reducing our medium-term deficit by $2 trillion, and investing in education and energy, and in moving toward a more efficient health care system with lower costs, and higher quality, I hope you will all work with us to do the right thing.
(END VIDEO CLIP)
PHILLIPS: Let's take you straight to the Department of the Interior where we told you President Obama is visiting for its birthday. He is going to -- actually, he's going to be introduced. We're going to listen to the introduction, folks? All right. Let's go ahead and listen in.
(BEGIN LIVE FEED)
KEN SALAZAR, INTERIOR SECRETARY: The president of the United States of America, Barack Obama!
(APPLAUSE)
Thank you. Thank you all very much. I want to welcome all of you to the 160th anniversary of the Department of Interior. The Department of Interior's history mirrors the story of our nation. We have changed as America has changed. We have taken on new challenges and responsibilities as the issues facing our nation and our world have changed over time.
We have been entrusted to serve as the stewards of America the beautiful, purple mountains, fruited plains, the landmarks of our history, and the icons of our heritage.
When Secretary of the Interior Thomas Ewing took the oath of office on March 3rd, 1849, the United States of America ended at the Mississippi River. There were only 29 stars on the flag of the United States. The Department of the Interior today now reaches across 12 time zones. It includes responsibility for places as grand as Yosemite, structures as mighty as the Hoover Dam, and creatures as small as the tiniest songbird.
Along the way, our nation has passed through times of deep crises. The war between the states, 13 economic recessions, the Great Depression, but with each crisis the Department of Interior has helped our nation not only persevere, but grow stronger. At the dawn of the 20th century when America was losing its forests, its wildlife and its open spaces, President Teddy Roosevelt turned an environmental crisis into the legacy of stewardship that we still enjoy today. He expanded our national parks, laying the foundation for our modern-day national park system. And he built the world's largest system of lands dedicated to wild life conservation, the National Wildlife Refuge system.
In the dark days of the Great Depression, in those dark days of economic crisis never seen before, President Franklin Roosevelt's Civilian Conservation Corps put 3 million people to work on conservation and construction projects in our parks, refuges and public works around America. Many of those projects were planned and designed in this very building.
When faced with a crises, Americans always build a path to progress. And we will do the same as we face the economic crisis of today. President Barack Obama -
(APPLAUSE)
Thank you.
President Barack Obama and the American people have entrusted this department with the responsibility of helping lead our economy back to prosperity and economic security. Since the president signed the recovery act two weeks ago, we have been working tirelessly in this department to finalize a list of projects so that we can rapidly and wisely invest the $3 billion coming through the Department of the Interior. These projects must be projects that are ready to go. They must be projects that will create jobs in today's climate. And they must also advance the nation's long-term priorities.
We will act with a vision that allows us, as Franklin Roosevelt did in the 1930s, to transform the crisis of today into the opportunity of tomorrow. When generations of the future look back at us, we want them to see, and to say that we didn't simply talk about renewable energy and energy efficiency, we took action on this time of opportunity.
(APPLAUSE)
I want them to see that we moved ahead to restore our national treasures and our icons from the Statue of Liberty in New York to the Great Sand Dunes in Colorado. And I want generations that follow to see that we used this moment to encourage a 21st century civilian conservation corps for our young people, from the jobs we create in Native American communities, to the work that is done to build new trails across our country, our young people will be a keystone of our recovery.
But the recovery act is only the first step. Today as the Department of the Interior celebrates its 160th birthday, we look forward to a new era of change for our nation and for our department. That new era will have us play a central role in building our clean energy economy and tackling climate change. That new era will usher in an unprecedented commitment to preserving America's treasured landscapes, and that new era of usher in new responsibilities and opportunities for the young people of America.
This is a moment of change. That is why -
(APPLAUSE)
That is why the work of the 67,000 public servants in this department is so exciting, and so important to our country. That is why I am so proud of your work, and that is why I am so honored and so proud today that this Department of Interior, in its 160th birthday, has in our presence a transformational president, my good friend, the president of the United States, Barack Obama.
(APPLAUSE)
BARACK OBAMA, (D) PRESIDENT OF THE UNITED STATES: Thank you. Thank you. Thank you very much. Thank you so much. Thank you. Thank you very much. Please, have a seat.
Thank you, Ken. Thank you, Mr. Secretary.
It is my honor to join you and the hard-working public servants here at the Department of the Interior as we mark a milestone in the distinguished history of this department. As Ken mentioned, 160 years ago today, with the tally of a contentious vote, amidst growing tensions between North and South, as our nation expanded westward, a deeply divided Senate passed the bill that created the Department of the Interior. The department was born less of a singular purpose than of a multitude of needs. It was founded to serve a growing nation whose roles and responsibilities were growing as well.
The department even earned a nickname; "the department of everything else". Yet throughout our history, as Interior has performed a set of ever-changing and often unrelated duties, an overarching mission has emerged, to defend the natural bounty of this country and the welfare of its people.
(APPLAUSE)
OBAMA: As Secretary Salazar has said, you have become the Department of America. For the services you provide touch the lives of all Americans, from the clean water we drink to the clean energy we must generate; from historic monuments and museums that educate and inspire, to the vast wilderness that each new generation can discover and explore.
You manage 500 million acres of land; roughly one-fifth of the area of the United States, and 1.7 billion acres offshore. It was under this department -- it was this department under President Teddy Roosevelt that helped lead an unprecedented effort to protect our natural resources. It was in this department, under President Franklin Roosevelt, that Secretary Harold Ickes supervised the Civilian Conservation Corps to help us overcome the Great Depression.
And your mission is more important than ever before. The Interior Department manages the land on which 30 percent of the nation's energy is produced. So you have a major role to play, all of you, in our clean energy future. The nation is depending on you to help us end the tyranny of foreign oil and become energy independent by harnessing the wind, and the sun, our water, our soil - and American innovation.
That's why I'm proud to join you this afternoon. That's why I am pleased that this department is in the capable hands of my great friend, Ken Salazar. And that is why the American Recovery & Reinvestment Act creates jobs by making historic investments in the Department of the Interior. This plan will provide more than $3 billion to the department to create jobs doing the work that America needs you to do. It will create jobs increasing our capacity to generate renewable energy on public lands, and retrofitting facilities to be far more energy efficient. It will provide for the renovation of laboratories and the replacement of research equipment, that in some cases is half a century old.
We'll fund the long delayed work to preserve our natural wonders and historic landmarks, from Yellowstone National Park to the Statue of Liberty. And we will invest in the roads on which 275 million visitors traveled to reach these sites across our country. We'll provide clean, reliable drinking water to rural areas, promote water conservation, repair aging water infrastructure. The American Recovery & Reinvestment Act will rebuild and remodel schools on Indian reservations across this country, while providing more than $100 million in loans to spur job creation in the Indian economy.
(APPLAUSE)
Under the leadership of Secretary Salazar, these investments will be made with unprecedented oversight. In the past, as all of you know, we've seen lapses that have damaged the reputation of this department, despite the integrity and faithful service of the vast majority of people who work here. In just these first five weeks, Secretary Salazar has helped bring about a new era of responsibility and accountability. It is in this spirit -
(APPLAUSE)
It is in this spirit that my recovery plan is being implemented.
Finally, today, I've signed a memorandum that will help restore the scientific process to its rightful place, at the heart of the Endangered Species Act. A process undermined by past administrations.
(APPLAUSE)
The work of scientists and experts in my administration, including right here in the Interior Department, will be respected. For more than three decades, the Endangered Species Act has successfully protected our nation's most threatened wild life. And we should be looking for ways to improve it, not weaken it. Throughout our history there's been a tension between those who have sought to conserve our natural resources for the benefit of future generations and those who have sought to profit from these resources. But I'm here to tell you, this is a false choice. With smart, sustainable policies, we can grow our economy today and preserve the environment for ourselves, our children and our grandchildren. That is what we must do.
(APPLAUSE)
For you know, you know that our long-term prosperity depends upon the faithful stewardship of the air we breathe, the water we drink, and the land that we sow. That's a sacred trust. The importance of which cannot be measured merely by the acres we protect, the miles of river we preserve, or the energy we draw from public lands. It's a child wandering amidst ancient redwoods, a love for science stirred as she looks skyward. It's a young man running his hand along the walls at Ellis Island, where his grandmother once carried her every possession and the hope of a new life. It's a family hiking along canyons carved by ancient floods or mountains shaped by shifting continents, finding peace in the beauty of the natural world.
These are experiences that enrich our lives and remind us of the blessings that we share. And that was certainly the case for me. As many of you know, I spent much of my childhood in Hawaii, a place of extraordinary beauty.
What, we've got a Hawaiian in there?
(LAUGHTER)
A place of extraordinary beauty and one that's home to several national parks, and historic sites, but before my 11th birthday, my grandmother decided it was time for me to see the mainland. So, my grandmother, my mother, my sister and I all flew to Seattle, and we drove down the coast along the coast of California, and then east to the Grand Canyon. We headed across the Great Plains, into the Great Lakes, before heading back west through Yellowstone. It was an experience I will never forget. It's an experience I want for my daughters, and for all of our daughters and sons, to see the incredible beauty of this nation.
It's an experience that's only possible because of the work you do each and every day. So thank you. God bless you. And God bless the United States of America.
Thank you, everybody.
(APPLAUSE)
(END LIVE FEED)
PHILLIPS: The president of the United States there celebrating the Department of Interior and its 160th birthday. He brought up a bit of a special gift for endangered species; at least a temporary hold on a Bush administration order that lessened protections for plants and animals in the path of construction projects.
You heard him also talk about the history of the department as well, and why he's there today. Hoping, of course, to get in and talk about a growing economy, preserving the environment, two of his passionate agenda items as we well know.
We're going to take a quick break. More from the CNN NEWSROOM straight ahead.
(COMMERCIAL BREAK)
PHILLIPS: Citigroup offering to slash mortgage payments for unemployed borrowers who have fallen behind. The company which taxpayers own more than a third of, said homeowners who got their loans from CitiMortgage can lower their payments to $500 a month, for three months. That is if they're getting unemployment checks and can make the lower payments. Here's what we want to know. Will Citi's plan really help and how many people stand to benefit? Gerri Willis joins me now to break it down.
Gerri?
GERRI WILLIS, CNN PERSONAL FINANCE EDITOR: Hi there, Kyra.
Yes, it definitely can help some people under this program called the Homeowner Unemployment Assistance Program. Citigroup will temporarily lower mortgage payments to an average of 500 bucks a month for three months. There are qualifications, though. First you must have lost your job within the last six months. You must be at least 60 days behind on your mortgage. And your primary mortgage must be owned by Citigroup. That means it's not a vacation home, it's not an investment. This is the home that you live in. If you think you qualify, talk to CitiMortgage, 800-283-7918, Kyra.
PHILLIPS: All right. Well, what if help is out there -- well, what kind of help is out there, rather, if your mortgage isn't with Citigroup?
WILLIS: Well, you know other banks have other programs. They've rolled out a ton of programs designed to help struggling homeowners. JP Morgan Chase, Bank of America, HSBC. Look, if you're having trouble making your payments your very first phone call needs to be to the lender to see if you qualify for any of these loan modification programs. I should note here, that the federal government is saying, if you have money from TARP, Mr. Banker, you have to help consumers out there. So you should have a little leverage.
Otherwise, here's some phone numbers you can call to get help. First and foremost, the Department of Housing and Urban and Development. They have counselors all over the country, 800-225-5342. NFCC, these are counselors, debt counselors, 866-845-2227. And homeownership preservation, 888-995-HOPE.
So, there are places to go. I know a lot of people out there have tried and not been successful. That does not mean you won't be successful now. And I just want to say, the Citi program is very different, because it's helping people without jobs. It's very unusual for a lender to say, OK, you're unemployed, you have no income we're happy to help. So, if I was a CitiMortgage holder, and in trouble, I would definitely pick up the phone.
PHILLIPS: Thanks, Gerri.
WILLIS: My pleasure.
PHILLIPS: Your stocks have nosedived and your 401(k) has taken a huge hit. So what do you do in these troubled times? We'll actually get some advice from two financial planners. And you can e-mail us your questions right now CNNnewsroom@cnn.com. We'll throw them at'em.
(COMMERCIAL BREAK)
PHILLIPS: Well, an agonizing account of what happened in the Gulf.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: And of course, it's hard to keep track of time out there.
UNIDENTIFIED FEMALE: Sure.
UNIDENTIFIED MALE: They were in the water roughly 40 hours and he said four or five hours he was alone. He said they drifted apart.
(END VIDEO CLIP)
PHILLIPS: The rescued boater's dad talks to CNN about his son's condition and the three men that are still missing at sea.
(COMMERCIAL BREAK)
PHILLIPS: First Lady Michelle Obama there visiting Arlington National Cemetery. It's part of her Women in Military Service for America. The memorial center there. She is also speaking in honor of Women's History's Month. Let's go ahead and listen in.
MICHELLE OBAMA, FIRST LADY OF THE UNITED STATES: ... you know, progression of women into the military with contributions from family members, from around this country, pictures, uniforms. I'm going to spend more time here and bring my girls, because it is something that I want them to see. So, I'm grateful to have had the opportunity to see this, and will be working hard to make sure that this memorial continues to be a part of this nation's heritage.
(APPLAUSE)
I also want to thank a few people as well. I want to thank General Dunwoody, the nation's first female four-star general, which deserves its own round of applause.
(APPLAUSE)
Vice Admiral Vivien Crea of the United States Coast Guard. And I know there are a few Coast Guards out there. I heard you.
(APPLAUSE)
And to Congresswoman Mary Fallin, as well as Laura Richardson, and my hometown congressperson, Jan Schakowsky.
(APPLAUSE)
I also have to recognize someone else from home. Our good friend, dear, dear friend, Tammy Duckworth. It's good to see you.
(APPLAUSE)
I am honored to be here with you all. As the general said, of course, this is - this month is Women's History Month. And it provides an opportunity for Americans to discover and reflect on the accomplishments of women throughout our nation's history. But it also provides an opportunity to celebrate the many contributions women make today in national life as leaders in business, government, the community, the military, and of course, in everyday life, which is how we women live mostly as mothers, daughters, wives, colleagues, and friends. And I couldn't think of a better way to begin Women's History Month than by coming here to the Women's Memorial at Arlington National Cemetery to honor our nation's service women.
As I speak, service women and men are at their posts all across our nation and around the world. They're standing watch, and providing the security that allows us to live in peace and to continue on with our daily lives.
That includes two whom I've just met, Lieutenant Grace Thompson (ph), and Corporal Crystal Moltry (ph) of the United States Marines. We keep them, the wounded who are recovering and those who gave the ultimate sacrifice so that we may live in safety and freedom, we keep them in our thoughts and our prayers.
Throughout our nation's history, women have played an important role in the military as well as in organizations supporting the military during times of conflict. Our foremothers and our sisters today have joined our forefathers and our brothers today in securing our liberty and protecting our country. Women's military service goes back to America's early beginnings, and service women have long navigated the twists and turns of the women's rights struggle to secure a more equal and fuller place in the United States military.
This history was interesting to me. In 1782, Deborah Sampson disguised herself and enlisted in the Fourth Massachusetts Regiment. She was wounded at the battle of Tarrytown in New York. Late, she appealed for back pay as a former Continental Army soldier and was supported by Paul Revere. The measure was passed by the Massachusetts legislature and approved by the governor, John Hancock.
Then, there was Dr. Mary Edwards Walker, a military doctor, who became the nation's first female Medal of Honor recipient for her service during the Civil War.
And then we moved to the 20th century, where women became full- fledged members of the United States military with the creation of the Army and Navy Nurse Corps in 1901 and 1908.
And we are joined here today by two amazing women. They gave me their ages, but there's no reason to know, because they look about 30, 40 to me. Mary Raglan (ph) and Alice Dixon, who served in the 6th triple-8 (ph). The only unit of African-American women in the women's Army Corps to serve overseas during World War II. Please give them a round of applause.
(APPLAUSE)
I know Mary is here. As well as Alice.
(APPLAUSE)
Spring chickens. And if you live right, you may be sitting right there in a few decades.
There's also Esther Cochran (ph), who is also with us. Enlisted as a private in the women's Army Auxiliary Corps and was later entered into Officer Candidate School. She was eventually promoted to lieutenant colonel, one of the first ten women to achieve this rank.
(APPLAUSE)
Currently serving her country is Lieutenant Commander Cindy Campbell (ph). She began her Navy career as an E-1, served at sea and on the homeland. She put herself through college and graduate school at night, and became an officer. She now works in the White House Military Office, right outside my office, in the East Wing. Cindy serves as a mentor to service women and men in early stages of their careers, and I and my staff benefit from her expertise and dedication every day.
(APPLAUSE)
Cindy, where are you? She's way in the back.
(APPLAUSE)
These women, and thousands of others, set a standard for excellence that enables women who serve today to take on even greater responsibilities. A recent Women's Memorial Women's History Month poster is called, "Voices of valor" and spotlights five decorated service women from each of the Armed Forces who have served or are serving in the current war. One is Silver Star recipient Sergeant Leann Hester (ph). She's the first woman to have been decorated for direct actions against an enemy force.
There's also Lieutenant Lisa Star (ph), a United States Navy nurse, who volunteered for nighttime flight in Iraq during a sandstorm that had grounded all medical helicopters to save the life of a wounded Marine.
And there's Fighter Pilot Captain Kim Campbell, who displayed extraordinary skill at the controls of her aircraft to support and protect the lives of her fellow soldiers fighting on the ground in Iraq.
There's Second Class Marine Science Technician Sarah Vega, who served in both Iraq and Afghanistan, and is an example of the bravery that men and women of the United States Coast Guard are displaying in war zones today.
And then Marine Corporal Ramona Valdez, who, in addition to her other duties, was teamed up with 16 other service women to form an all-female search force in Iraq, as a proactive effort to calm Iraqi concerns that male soldiers might search Muslim women. Her convoy was attacked and she was killed four days before her 21st birthday. Marine Major General Douglas O'Dell Jr. wept as he awarded purple hearts to the survivors from Corporal Valdez's force. He said he was moved, I quote, "not by special sympathy for the women, but because of the display of equality born of that horrible day in Fallujah."
The general went on to explain that while military leaders believed women Marines could perform as bravely as men under deadly attack, there had never been a trial like the one in Fallujah to prove it.
Members of the military, and their families, have a special courage and strength. As the president said last week during his address at Camp Lejeune, service doesn't end with the person wearing the uniform...
PHILLIPS: Michelle Obama there at the Women's Center at Arlington National Cemetery, lifting up women in the military. We're going to monitor that, but take you to the White House where Robert Gibbs just about to start the briefing. We'll go ahead and listen in there.
ROBERT GIBBS, WHITE HOUSE PRESS SECRETARY: How is everyone?
QUESTION: And you?
GIBBS: Good.
QUESTION: Just like a daily tracking (INAUDIBLE) hopping up and down.
GIBBS: Yes, I go up and down. Yes, ma'am?
QUESTION: I wanted to ask about the meeting with Gordon Brown. He had said before he came that he was interested in reaching an agreement with the president. Can you talk now that they're more into the meeting (INAUDIBLE) about what they may or may not have agreed to?
GIBBS: I have not gotten a full readout. And obviously, a number of the things that they were scheduled and did discuss, be it as they talked about in the Oval Office when you were there, Jennifer (ph), the financial framework to address the financial system as it exists now, not in the past. Afghanistan, obviously will be a major topic in April at the NATO summit. As well as issues like climate change. Obviously, I think they're in agreement on a number of those issues, without anything specific coming out of it. I'll get it from our guys a little bit broader download on that. But I think as I talked about yesterday, what they were seeking to talk about and discuss are - I mean, I think there's a commonality in many of the issues that each of the two countries faces right now. I think if you pick up the newspaper here or there, you find many of the same problems and challenges facing our banking systems and our economic systems. Obviously, as we talked about, Afghanistan and climate change were also topics, among other things that they wanted to discuss. I'll try to get a more full download - fuller download for you on exactly...
QUESTION: Does the president think it's doable or even advisable to have the same banking standards all across the world like Gordon Brown has (INAUDIBLE)?
GIBBS: Well, I think - and again, I've mentioned this many times, that the president, last year, as the economy slipped, especially in the September and October time frames, that unless everyone acted at the same time to address many of the problems that the economy faced as part of a global recession, that it would be hard to get a coordinated recovery. I think we've certainly seen that if we don't have some baseline of banking and financial regulations, that because money can be transferred around the world so quickly, it's important to have a baseline financial understanding of what can and can't happen. Obviously, many of the thing that - many of the challenges that we face are challenges that they and many of the European countries face.
And I think that's going to be part of the continued discussion. This was the fourth meeting with the head of state for a country that represents those G-20 economies in the lead up to the April summit. Which, I think, the president believes is very important for not only sustained economic growth here, but ensuring that we do have some of those rules of the road internationally to prevent what's happened in the past.
Yes, sir?
QUESTION: Robert, the president mentioned today that price earnings ratios for some companies made stocks potentially a good deal. Is there any cheerleading going on right now from the president? Is that a strategy?
And secondly, in an unrelated topic, can you tell us if the president and prime minister discussed the need for other European countries to contribute more to Afghanistan?
GIBBS: Let me check specifically on the second one.
In terms of the first one, I think the president has on many occasions talked about the fact that brighter days for our economy are ahead, if we take important steps and make important decisions now about addressing many of the problems that - and challenges that we face. I don't think that was what he - that what he did today was markedly different than what he's done in the past. In order to demonstrate - again, that with the right steps, whether it's addressing recovery and reinvestment as we've done, a housing plan, a financial stability plan, financial reregulation, that we can take important steps to get our economy growing again, create the jobs that we know we need, and make the investments that have to be made and have long been ignored as part of sustained economic growth.
QUESTION: He said, I mean, he wasn't just talking about economy, which are indeed things he said before. Basically, he said, stocks look like they're good deals.
GIBBS: I will ask him if he's got any particular tips for you, Jeff (ph). Maybe I should have cornered him and gotten a few of my own.
QUESTION: I mean, the core of the question is, is he encouraging people to buy stocks?
GIBBS: I will ask him. But I think what he's - I think he's encouraged that we are taking the steps necessary to meet our challenges.
But I would also, you know, and I've been asked a number of times about this, he also talked about the notion that it's not his job to comment on or react to what the market does up and down on any given day. But instead, to look at the longer term, at the longer horizon at what can be done in this country to meet those challenges, to create those jobs, to make the investments that we need to in order to meet the challenges and get the economy growing again. That's what he's been tasked to do by the American people. And that's what he's working on to do.
QUESTION: One question for today and one follow-up question from a previous week. Regarding the stock market, the president said he didn't want to get into the day-to-day stuff, it was like reading a daily tracking poll. But if your tracking poll is over a matter of a month or two or going down significantly, that wouldn't be a day-to- day analysis. That would be a trend and you would be concerned about it if you were running for office. Just using the president's analogy.
Do you think...
GIBBS: Late last summer?
QUESTION: Is the president...
GIBBS: I meant '07.
QUESTION: Is the president at all concerned that what he's selling, Wall Street just isn't buying? That...
GIBBS: To use the market analogy?
QUESTION: Yes. That he's proposing all these ideas and economic plans, and it's not that Wall Street doesn't understand them, they don't think they're going to work.
GIBBS: No. I think the president, quite clearly, said today that he has confidence in the plans that are being developed. Obviously, we're in the beginning phases of implementing the recovery and reinvestment plan. Announcement at the Transportation Department today for $28 billion to save or create 150,000 jobs. A home foreclosure plan, financial stability.
Look, I don't doubt, Jake (ph), that there are some on Wall Street, as I've said before, who would like to wake up, have someone come in, take everything bad, move it over here, and let everybody start all over again. And as much as some people may like that, it's not either completely feasible or beneficial to do that.
Obviously, Wall Street has made mistakes and we are in a deep hole that is going to take us some time to get out of. And I think the American people understand that. They understand that we didn't get here just off of last quarter, the last two quarters, that we've been heading in this direction, in a trend line for quite some time.
But the president is confident in the steps that the economic team is taking, and that he is taking to get that economy moving again. And I think he understands, and I think the American people understand that if we continue to make these decisions, that as I said will create those jobs and the brighter days are certainly ahead...
PHILLIPS: That is definitely what we all want, brighter days. Straight ahead. And we're going to try to help you create those brighter days. If you want to talk about your stocks, your 401(k), as you know they've taken a huge hit in the recession. So what do you do in these troubled times? We're going to get some advice from two experts.
Also, we will continue to monitor the White House briefing. Go to cnn.com/live if you want to watch the rest of it. Otherwise, we're watching it, and as soon as we come back after the break we'll answer your email questions about your money.
(COMMERCIAL BREAK)
PHILLIPS: Well, this recession may have you it tossing and tumbling at night worrying about your 401(k), stocks and other investments. So what should you do with your money? Joining us now from New York, certified financial planner Paula Kennedy, and in Los Angeles, Peter Shift, president and CEO of Euro Pacific Capital.
As you can imagine, you guys, as soon as we start talking about this segment, soliciting emails, we got hundreds of them. So I just want to get right to it and get your advice. Here we go.
Patricia asks, "I have $262,000 invested in mutual funds and I have lost a lot of money. I'm 68 years old and this was my 'nest egg.' I have $95,000 in cash reserves. Should I sell or hold out for a market increase?" Peter?
PETER SCHIFF, PRESIDENT & CEO, EURO PACIFIC CAPITAL: Well, you know, it's going to be difficult, you know. Unfortunately, what the government is doing, they're in the process of turning this recession into a depression. It's going to last for a long time. And unfortunately, the bear market in stocks, which has been going on since 2000, is going to continue for many, many years.
But what she has to be - understand is that the bear market in the bonds, which hasn't even begun yet, is likely to be even worse over time. So I think, in the long run, Americans are going to lose even more money in bonds and in cash than they will in stocks. So I think that she doesn't want to leave stocks, but I think she should look internationally. There's a lot more bargains outsides the United States than inside the United States, evaluations are much better and their governments are not undermining their economies to the extent our government is undermining ours. And I think she should also look at commodities and precious metals, particularly gold and silver.
PHILLIPS: Paula, what do you think, because just last week my financial planner was saying, go with bonds.
PAULA KENNEDY, CERTIFIED FINANCIAL PLANNER: Well, I'm a bit less pessimistic than Peter, both with regards to the stimulus spending and with regards to the economy. I think 2009 is going to be pretty rough for everyone. But I do think that over the long run, the best way to have your money is in a diversified portfolio, with some cash, some stocks and some bonds.
PHILLIPS: All right, Scott in Tennessee says, "I have been at my place of employment for one year. I now qualify to participate in the company 401(k). The company matches 50 cents on the dollar up to 6 percent. Should I get in now or wait?" Paula?
KENNEDY: You should definitely max your match. Go for that 6 percent, you'll get 3 percent from the company. If you don't do that, you're leaving money on the table.
PHILLIPS: All right, this one goes to you - go ahead, peter.
SCHIFF: I would say just, you know, if you're going to invest in the U.S. stock market at all, don't try to diversify across the entire market because certain sectors, like financials, like retailers, are going to just be disasters and they're going to continue to fall. To the extent that you're in the U.S. market, you want to be in real businesses with good balance sheets that export a lot to the rest of the world.
PHILLIPS: All right, here we go, Barbara in Idaho says, "My husband and I are 58 and 61, respectively. Since the collapse, our IRA accounts are down to 120k - half their value. We're still in a growth portfolio. Do we need to wait until we're 90 to retire or do you have any suggestions?"
You kind of tapped on that, Paula. Can you add more to what they're asking specifically?
KENNEDY: I think that if you're scared right now, it's a good time to look at your portfolio and see if you're in the right places for the long term. The only way The only way to invest is for the long term. Sounds like they were too heavily in growth and too heavily in equities for their risk tolerance. Good time to get a grip on your emotions, take a look at your portfolio, and perhaps restructure it. But I think you should build a portfolio for the long term and I think you should leave it well diversified.
PHILLIPS: Peter, you want to add?
SCHIFF: Well, if you're going to build a portfolio with the long term, you have to understand that the long term for the U.S. economy is very bleak. You know, there is zero chance that what the president is doing is going to work. There's 100 percent chance it's going to make the economy much worse.
But what they can do is take advantage of the fact that stock markets around the world have fallen in sympathy with ours. And there are stocks around the world and other countries, particularly in Asia, like Hong Kong and Singapore, there are a lot of stocks that are paying 10 percent and 15 percent dividend deals right now. A lot of stocks with good balance sheet that can really offer good current yield and a lot of potential for growth. People just need to look abroad and understand how the world is changing and how that's going to affect the value of U.S. Assets.
PHILLIPS: Peter Schiff, Paula Kennedy, thanks, guys.
KENNEDY: You're welcome.
PHILLIPS: We're going to take a quick break. We'll be right back.
(COMMERCIAL BREAK)
PHILLIPS: Do you have questions about refinancing, credit cards? Gerri Willis has answers now from "The Help Desk."
(BEGIN VIDEOTAPE)
GERRI WILLIS, CNN PERSONAL FINANCE ADVISER: We want to get you answers to your financial questions. Let's go straight to "The Help Desk." Jack Otter with "Best Life," Hilary Kramer is a personal finance author, and Donna Rosato is a senior writer for "Money."
The first email comes from Greg. He asks, "I have a house with an ARM and 8.9 percent that I am struggling to get refinanced. My credit score is in the very low 600s. I'm getting turned down in my efforts to refinance to a conventional or FHA loan. I contacted my mortgage company about loan modifications and they told me that I can only apply if I miss one or two mortgage payments. I'm trying to correct my credit score, not damage it further. Any suggestions?" Hilary?
HILARY KRAMER, PERSONAL FINANCE AUTHOR: Absolutely. Get rid of that 8.9 percent adjustable rate mortgage no matter what. Go back to the bank, because every day the banks continue to receive pressure from our government to try to work around and modify these kinds of mortgages. Be adamant. Be diligent and get rid of 8.9 percent.
WILLIS: All right. That is not a good deal.
Second question comes from Dee, "My question is about paying certain types of credit card debt. If you have a delinquent credit card (i.e. the account is closed) and a current credit card, which should you pay first?" Jack.
JACK OTTER, "BEST LIFE" MAGAZINE: We've got two goals here. The first is you don't want that current credit card to go delinquent and damage your credit score even more. So make sure you're making at least the minimum payments there. Then I would direct the rest to just get rid of that delinquent credit card bill, get it off your record and then keep on paying the other down as quickly as you can.
WILLIS: From Amelia, "I finished my taxes and am ready to e- file. Will there be any new deductions or credits thanks to the stimulus package that I should wait for or should I go ahead and e- file?" Donna.
DONNA ROSATO, SENIOR WRITER, "MONEY" MAGAZINE: There are a number of new tax credits and deductions that you might be able to take. One, for example, is the first-time home buyers credit, that is good for first-time home buyers who have lived in - who will live in a home for three years. You can take $8,000 credit. If you already filed your taxes, you can file an amended return or can you even wait - or you can wait until 2009. That's good for 2008 and 2009.
There's also education tax credits and you've also got things if you buy a new car, you can write off the sales tax on a new car.
WILLIS: Jack, Donna, Hillary, thank you for that.
ROSATO: Thank you.
WILLIS: For more on the help desk, logon to cnn.com/help desk. And to see more answers to your questions, pick up the latest issue of "Money" magazine.
(END VIDEOTAPE)
PHILLIPS: Well, if we don't win the mega lotto, we will all see you back here tomorrow. Meanwhile, Rick Sanchez takes it from here.
