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President Obama Addresses Naval Academy Graduates; GM Speeds Towards Bankruptcy; Mississippi Town Elects First Black Mayor; Where is the Stimulus Money?; Travel Deals are Heating up for the Summer; Pakistani Troops Closing in on the Taliban; Sri Lankans Celebrate End of War; Eco Friendly Motor Oils are Hitting the Market

Aired May 22, 2009 - 12:00   ET

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

TONY HARRIS, CNN ANCHOR: A major overhaul of the credit card city industry just hours away from being signed into law. President Obama signs legislation that makes it harder for credit card companies to raise your interest rates. The new rules take effect in February. Companies will have to provide 45 days notice is required before an interest rate hike. A customer would have to be 60 days late on a payment before seeing a rate increase on an existing balance. The bill also plan prohibits some fees and makes it harder for people under 21 to get credit cards.

Earlier today, the president signed a another piece of legislation. The bill is aimed at ending hundreds of billions of dollars in wasteful military spending. Right now - right now, the president is at the U.S. Naval Academy where he addressed the graduation class. White House correspondent Dan Lothian is there live with us now from Annapolis, Maryland.

And Dan, the president pressed the theme he addressed yesterday about the importance of how America conducts itself.

DAN LOTHIAN, CNN WHITE HOUSE CORRESPONDENT: Yes, he really did touch on that theme. And before I get to that, Tony, let me just point out the president is right behind me shaking hands with each one of the graduates, 1,036 of them here.

But yes, the president did again go back to that theme that we've heard about so much over this administration. And that is that the past administration, the last eight years, really helped to tarnish some of their decisions, helped to tarnish the image of the United States overseas. So the president, again, hit that theme, and he touched on that yesterday again, that he's doing everything possible to make sure that he can sort of polish the image of the United States overseas.

Take a listen.

(BEGIN VIDEO CLIP)

BARACK H. OBAMA, PRESIDENT OF THE UNITED STATES: We uphold our fundamental principles and values not just because we choose to, but because we swear to. Not because they feel good, but because they help keep us safe and keep us true to who we are. Because when America strays from our values, it not only undermines the rule of law, it alienates us from our allies, it energizes our adversaries, and it endangers our national security and the lives of our troops.

So, as Americans, we reject the false choice between our security and our ideals. We can and we must and we will protect both.

(END VIDEO CLIP)

LOTHIAN: Now, Tony, it's unclear how many of these graduates will soon be headed overseas, but President Obama said that he needs these young men and women to help wind down the war in Iraq and ramp up the fight against terrorism in Iraq, Afghanistan and Pakistan -- Tony.

HARRIS: Boy, some good moments there. You can't see it. It's all going on behind you there, some wonderful handshakes, and big hugs for the president as well.

Hey, Dan, former alum Senator John McCain is there as well?

LOTHIAN: That's right. Senator McCain, along with his wife Cindy, are here. And why are they here? Because one of their sons, Jack, graduated. He's the fourth McCain to graduate from the Naval Academy, and we're told by a family member that he plans to go on and become a naval aviator just like Senator McCain.

HARRIS: Boy, I tell you, it is a wonderful sun-splashed day there in Annapolis, Maryland. Our White House Correspondent Dan Lothian there as well.

Dan, appreciate it. Thank you.

Two wars, a broken economy, and historic plans the president says simply cannot wait. CNN's Anderson Cooper looks at how the Obama administration plans to tackle such extreme challenges. An "AC 360" special tomorrow night, 8:00 Eastern, right here on CNN.

As you know, the president's plan to shut down the U.S. terror prison at Guantanamo Bay has set off a fierce national security debate. Former Vice President Dick Cheney has blasted the president's decision and his national security policies, but the crucial issue is legal status of the suspects being held at Guantanamo.

That was a focus of discussion on "No Bias, No Bull" with Campbell Brown.

(BEGIN VIDEO CLIP)

JESSICA YELLIN, CNN NATIONAL POLITICAL CORRESPONDENT: We don't know what to do with a certain number of detainees. Is that any different if they're in Guantanamo Bay or if they're here in the U.S.? It's the same legal problem, isn't it?

CLARK KENT ERVIN, CNN SECURITY ANALYST: That's right, it is exactly the same legal problem. The vast majority of these people can be dealt with. There is going to be just a small number of people who don't fit into either category, and we need to come up with a procedure for these people. The military commissions idea, with some improved rights for defendants, it seems to me, is the right way to go with that. But we have established that we can, here in the United States, handle people who are very, very dangerous.

(END VIDEO CLIP)

HARRIS: Bankruptcy for GM looking more and more likely today, with taxpayers likely to become major stakeholders in the new GM.

Senior White House Correspondent Ed Henry discussed GM's status on CNN Radio today.

(BEGIN VIDEO CLIP)

ED HENRY, CNN SENIOR WHITE HOUSE CORRESPONDENT: What we reported last night is they're saying it's likely there will be a bankruptcy as early as next week for General Motors, but they're stressing that President Obama has not made a final decision yet. There are some reports out there suggesting this is a done deal. Being told by very senior Obama officials that's not true, the president is still weighing this.

(END VIDEO CLIP)

HARRIS: CNN's Christine Romans is in New York now.

And Christine, GM running out of time, seemingly running out of options. Is bankruptcy the best practical move left at this point?

CHRISTINE ROMANS, CNN BUSINESS CORRESPONDENT: I mean, I don't think anybody really knows what's the best move. You know, it's the least worst move that we're looking for here.

And certainly a lot of people who are retirees of this company, employees of this companies, dealers, or people who work for a dealer, or people who for live in a community where GM has a big presence -- this is pretty much every city in America -- they're concerned about what's going to happen next.

We do know that the people who have been studying and talking about bankruptcy want to make sure it's quick. We just don't have much of a precedent for something like this except for Chrysler. And that's still proceeding.

I will point out though that Chrysler auto sales did not plunge the way some had been saying that they thought that they would. Chrysler auto sales held up in the last month. So that's something to think of.

I mean, people are still going out there when they can and are buying a car. Clearly not as many as they did last year, but the worst fears about that did not really pan out.

It's going to take more money. No matter what happens, Tony, it's going to take more of your and my money. We saw another bailout of GMAC. The Treasury putting $7.5 billion put into GMAC. That's the financing arm, of course, of GM and now Chrysler. That's to keep the money going so that the dealers can get loans and so that consumers can get loans.

Now, GM has reached a deal with its union, which will be more painful cuts for its union members. We don't know the details of that exactly yet, but they have worked out that deal.

And no deal yet with the debt holders. And these are investors -- these are people who loaned $27 billion to GM on the promise that they would be paid back with a certain amount of interest. And now, of course, the company and the government, frankly, want them to take a big haircut on what they're owed, and there is no deal yet with them for them to take a big hit, a big loss on what they invested in the company.

So, we just keep treading forward every day, every day closer to June 1st deadline.

HARRIS: When are we likely -- talking about that deadline a second, I thought you raised an interesting point last hour. When are we likely to get some kind of a decision here? Because as you mentioned, the president is heading out of the country early, the first week of June.

ROMANS: Well, OK. So, we've been all trying to scrutinize what we think is going to happen next.

Now, Ed Henry was very concise in what his people are telling him in the administration, that the president hasn't made a decision yet. But a lot of people that I talk to say that GM has already been preparing for bankruptcy.

Fritz Henderson, the CEO, in his most recent conference call with reporters, said that it is probable they'd have to work out their problems in bankruptcy. If you know -- they've made some payments, they've paid early some of the payments they have to make to their suppliers and the like before that deadline. A lot of people saying that maybe that's an indication they're trying to get money out there to their suppliers to help them make it if they have to file for bankruptcy.

So, the question among some is, why wait to the June 1st deadline if the president is going to be in Cairo, he's going to be out of the country June 4th? You know, the president should be present and here for when something as historic as a GM bankruptcy.

You know, I guess there is a possibility that they could try to work things out outside of bankruptcy court. You know, Fritz Henderson, what he told reporters I think early last week, or maybe a few days -- maybe 10 days ago or so, he said, look, it's probable we'll have to do this in bankruptcy, but is there absolutely no chance at all we'll work it out? No, there's not. You never say never, I guess.

HARRIS: Christine, appreciate it.

ROMANS: Sure.

HARRIS: What's the name of your hot show?

ROMANS: My hot show? It's called "YOUR $$$$$." And you can see it this weekend.

HARRIS: Yes. What's...

ROMANS: Saturday at 1:00 Eastern, Sunday at 3:00. It's with Ali Velshi and I.

It's a good one this weekend. It's how to cut your debt. I mean, it's so great. Hopefully people will walk away and save a little money.

HARRIS: All right. We're going to get the full screen and tease it up a little bit later this hour.

Thanks, Christine.

ROMANS: OK. See you later.

HARRIS: A Mississippi city that was a hotbed of racial violence in the civil rights era has elected its first black mayor. He tells us his story. That's next.

(COMMERCIAL BREAK)

HARRIS: Philadelphia, Mississippi, is known for the murders of three civil rights workers in the freedom summer of 1964. This week, and almost 45 years later, voters in that central Mississippi town have elected their first black mayor.

CNN's Ed Lavandera reports.

(BEGIN VIDEOTAPE)

MAYOR-ELECT JAMES YOUNG, PHILADELPHIA, MISSISSIPPI: Just average Joe Citizens as we say here.

ED LAVANDERA, CNN CORRESPONDENT (voice-over): James Young is on a victory lap. He is the newly elected mayor of Philadelphia, Mississippi.

UNIDENTIFIED MALE: Congratulations!

YOUNG: Thank you, man.

We did it!

LAVANDERA: They call him "Mayor," but Young doesn't quite believe it.

YOUNG: Who would have thought? That a little country boy like me going to be mayor of Philadelphia, Mississippi in '09? I couldn't even have wrote that in a fairy tale.

LAVANDERA: As you'll see, the emotion of this moment will soon sink in.

James Young is the first black mayor of a town tormented by a legacy of racism.

JIM PRINCE, PUBLISHER, "NESHOBA DEMOCRAT": Philadelphia, I am resolved, will always be connected to what happened here in 1964.

LAVANDERA: That year, three Civil rights workers were murdered driving down a country road. The savage attacks were a defining moment of the Civil rights era and immortalized in the movie "Mississippi Burning."

Newspaper publisher Jim Prince says the scab from that wound is finally falling off.

PRINCE: This city is 55 percent white. So the fact that Philadelphia, Mississippi, with its notorious past, could elect a black man as a mayor, it might be time to quit picking on Philadelphia, Mississippi.

YOUNG: Hey, how you doing, man?

LAVANDERA: Young says he won by shaking hands and knocking on doors, but he only beat the white incumbent candidate by 46 votes. Young knows that for every hug he gets, some still look the other way.

YOUNG: We have some, very small pocket, that will never change. That's what we've got to deal with.

LAVANDERA (on camera): Some of James Young's earliest memories of growing up in this house here on Ivy Street are of fearful nights listening to the Ku Klux Klan roam through these neighborhood streets in the middle of the night, his father sleeping on the sofa in the living room with a gun on his lap.

But the new mayor of Philadelphia hasn't left that very far behind. He lives now just across the street.

(voice-over): Young was nine years old when the civil rights workers were killed. He was one the first black students to integrate white schools here. He worked as a hospital housekeeper until a white boss recommended he become a paramedic. Young worked his way up to become the city's EMT director. That catapulted him to his first elected job. Now, he's mayor.

YOUNG: It's just beginning to sink in.

The places that we were locked out, I'm going to have the key. The places that we couldn't go, I've got the key.

LAVANDERA (on camera): Why do you think you're so emotional?

YOUNG: When you've been treated the way we've been treated - excuse me.

I guess maybe that's what's been boiling up and it finally come to the surface.

How y'all doing?

LAVANDERA (voice-over): James Young believes it now. He can call himself "mayor."

Ed Lavandera, CNN, Philadelphia, Mississippi.

(END VIDEOTAPE)

HARRIS: And turning now to "What Matters," our weekly segment in partnership with "Essence" magazine. Our focus, African-American issues that matter to everyone.

Creating quite a buzz on Essence.com are a lot of firsts.

Xerox named Ursula Burns its next CEO, making her the first African-American ever to run a Fortune 500 company. Burns got her start at Xerox as an engineering intern in 1980 and became president of the company in 2007. She will succeed current CEO Anne Mulcahy July 1st.

And for the first time in history, an African-American woman will take the pulpit as a rabbi. Forty-five-year-old Alysa Stanton will lead a majority white congregation in Greenville, North Carolina, in August. According to the Institute for Jewish and Community Research, at least 20 percent of American Jews are racially and ethnically diverse.

Stanton says her goals as a rabbi are to break down barriers, build bridges and provide hope.

For more, pick up the June issue of "Essence" magazine on newsstands now, or go online to CNN.com/whatmatters.

Staying now with "What Matters," the record number of Chicago students killed in gang violence this school year, it is now a startling 36. We promised you we would stay on the story.

Joining me live from Chicago, Minister, author and Professor Marcia Dyson of Georgetown University.

Marcia, good to see you. Thanks for your time today.

PROF. MARCIA DYSON, GEORGETOWN UNIVERSITY: Thank you for having me.

HARRIS: And the first female president of the Chicago Urban League, Cheryle Robinson Jackson.

Cheryle, good to see you. Thanks for your time.

CHERYLE ROBINSON JACKSON, PRESIDENT, CHICAGO URBAN LEAGUE: Thanks for having me.

HARRIS: Ladies, before we get started, let's listen to Trevon Bosley (ph). Abbie Boudreau, of our Special Investigations Unit, provided a flip cam to Trevon's (ph) mom. Here's a portion of what she recorded with her son, and then let's talk about it. (BEGIN VIDEO CLIP)

UNIDENTIFIED FEMALE: You don't have that same happiness in your house anymore?

UNIDENTIFIED MALE: No.

UNIDENTIFIED FEMALE: No more music?

(END VIDEO CLIP)

HARRIS: Oh, there was more there. I apologize.

Ladies, let's start this way -- 36 student deaths in Chicago this year, 26 last year.

And Cheryle, let me start with you. Where are we in this? Have we answered the "why" question?

JACKSON: You know, the "why" question is complicated and simple all at once. There's a direct correlation and connection to the number of deaths, young people dying in Chicago, on the south side, and the quality of schools. Some of the worst schools in the state of Illinois and Chicago can be found on the south side and the west side of Chicago.

The high dropout rates, there's a correlation between dropout rates and gang violence and youth. So, you have to both solve the problem and challenge of poor underperforming and underfunded schools, and you have to solve the problem of job opportunities, economic opportunities.

HARRIS: Marcia, I would suggest to you that those problems aren't new in the black community, not just in Chicago, but all over the country. But what is particular about Chicago? Why do these problems seem to be manifesting themselves into student deaths in that city?

DYSON: That's the amazing thing. I remember when I was working in grad school, organizing here in the city of Chicago, joining Ed Gardner, then the president of Soft Sheen Products, for his Black on Black Love Campaign because he refused to go negative and call it crime, because he knew, as most of us knew who were fortune enough to be in middle class, that it had to do with the lack of certain things which Ms. Jackson spelled forth, the lack of education, a quality education, and at the same time it was a high rate of -- the highest unemployment rate at the time during this city was in the '80s as well, when this sort of uprising took place.

But, you know, we also have the thing where my husband would like to talk about black track (ph) following the white flight out into the communities, that we like to throw around the African adage that it takes a village to raise the child, but the village is left ill. And you cannot produce a healthy child in a sick village if you don't have access to education, employment, social agencies.

The school system at one point took out all of the art and it took out physical education, so obesity becomes a problem. You have the infiltration of some cultural influences as well, and everybody...

(CROSSTALK)

HARRIS: What do you mean by that, cultural influences?

DYSON: Well, I'm saying that when you talk about living a bling- bling life in the hip-hop culture, or having a prosperity life in the church, where will the poor fall? That means that they are massaged into an unusual form of consumerism to buy the credit card debt situation that we have now among so-called poor people.

HARRIS: Marcia, let me jump in here for a second, because I want to get to a couple of other points here before I run out of time here.

Cheryle, let me go back to you.

Does Chicago really get this?

JACKSON: Yes, Tony. You raised a very interesting point. What is going on in Chicago?

Yes, it's prevalent all over the country, but something unique is happening in Chicago. Well, to really understand that, you have to look at the numbers, the funding.

Chicago and Illinois is 49 out of 50 in the way that it funds schools. A recent foundation report reported that Chicago is 45th out of 50 states for the quality of education they provide to minority children, and another report that said the worst schools are congregated in -- on the south side in neighborhood schools.

So there is a bias going on in the school system in Chicago. It's as simple as this: Problems beget more problems beget more problems. And if you don't get the first problem right, which is education, you don't have youth that has skills and connect to jobs.

HARRIS: Well, Marcia, what's the education fix? I'm assuming that you agree with that. What's the education fix?

DYSON: Well, the first thing is the inside/outside thing. Because the balance is rapid within the Chicago schoolchildren themselves, I think that you need to engage children.

I'm hoping the school board would approve maybe what Father Pfleger is trying to do, is to get the schools to have a peace, sort of U.N. council, among the students themselves. That might be a needed thing.

But then there's a DVD called "War on the Soul" (ph) that a young man produced out of Tennessee that's going around on the Internet. I think that everybody needs to stop and look at that, "War of the Soul" (ph), that they can find as well, to find the underlying problems on a spiritual level...

(CROSSTALK)

HARRIS: Cheryle, let me give you the last word on this.

JACKSON: Tony, we filed a civil rights lawsuit. Elected officials, people who are responsible for fixing this problem, need to gather some political will and fix the problem. They won't, so we have gone to court.

The Chicago Urban League has filed a lawsuit demanding that the state fix this. This system discriminates against minority and poor children. It's as simple as that.

HARRIS: Yes. All right.

Ladies, let's continue the conversation. Thank you for your time today. Have a great weekend, both of you.

We're going to get to the daily White House briefing shortly.

And then, when we continue, where are your bailout billions being spent? We are absolutely adding it up.

(COMMERCIAL BREAK)

HARRIS: Very quickly, you see the White House press secretary, Robert Gibbs, on the right of your screen. He's going through the sort of housekeeping list that he goes through at the top -- oh, now he's taking questions, so let's go to the briefing.

(JOINED IN PROGRESS)

ROBERT GIBBS, WHITE HOUSE PRESS SECRETARY: But I did love to see that somebody can quickly text me the name of a chiropractor, because at least four dozen necks snapped in one direction. All right.

Don't worry, you'll get a text message. It's cool.

Let me give you the real week ahead.

The president will travel to Camp David tomorrow morning at 11:00 a.m. He will return to the White House on Monday morning and participate in a wreath-laying ceremony at the Tomb of the Unknown Soldier at Arlington. That ceremony starts at about 10:30 a.m. on Monday.

Later that morning -- I'm sorry, after the ceremony he will return to Camp David and be with his family, then come back to the White House at 7:30 on Monday night.

On Tuesday, the president will attend meetings here at the White House. In the afternoon, I think around 3:30, he departs for Las Vegas, where he will attend a fund-raiser for Senator Harry Reid.

On Wednesday, the president -- say again?

QUESTION: (OFF-MIKE)

GIBBS: What happens in Vegas stays in Vegas.

On Wednesday, the president will hold an event in Las Vegas before departing for Los Angeles. He will attend a DNC fund-raiser in the evening there.

The president departs Los Angeles Thursday morning and returns to Washington. He will meet Palestinian President Abbas at the White House that afternoon.

And on Friday, the current schedule has the president attending meetings at the White House.

One other quick announcement.

On Saturday and Sunday, between 6:30 and 10:30 p.m. at the White House, there will be some practice landings for Marine One. And I just want to announce that so that nobody thinks either the president has come back early or there is anything other than routine practice for Marine One pilots.

QUESTION: Robert, what kind of event, besides the fund-raiser...

GIBBS: The one on Wednesday? It will be on the economy.

QUESTION: There's nothing other than DNC event?

GIBBS: Just the DNC event, yes.

All right?

Mr. Abington (ph)?

QUESTION: Thank you.

Robert, will the president be interviewing any candidates for the Supreme Court job either in person or by phone from Camp David this weekend?

GIBBS: I have not been given anything on that, so I don't know the answer.

QUESTION: Can you give us some idea of how -- he's going to be there quite a while, returning on Monday. Give us some idea of how he's using the weekend, particularly vis-a-vis the Supreme Court?

GIBBS: I can talk to him and see. I think he's looking forward to spending Memorial Day Weekend with his family. I don't doubt that he'll take some reading along with him and work on his selection.

QUESTION: Would it be possible before the day is out to get... (CROSSTALK)

GIBBS: We'll get a readout on that.

Yes, sir?

QUESTION: Government bond prices have been falling, and dollar values falling as well, and concerns about possible cuts in the government's credit rating, AAA credit rating.

GIBBS: No.

Go ahead. I'm sorry.

QUESTION: Is the president concerned that his policies may be leaning toward a downgrade in U.S. credit ratings...

HARRIS: Got to tell you, these daily briefings always seem to be a lot more exciting when they fall on Kyra's show.

If you would like to watch the daily White House briefing as it continues, you can just go to CNN.com/live.

All right. Another bank bites the dust. BankUnited FSB in Coral Gables, Florida, has been taken over by a consortium of private equity firms. Federal regulators closed the bank yesterday. It is the 34th bank to fail this year and the largest so far. BankUnited had almost $13 billion in assets.

Have you seen the signs, the signs of the president's stimulus package? Really, I mean the signs, the billboards.

The federal government says they put them up. And guess what? They are not cheap. One state spending $150,000 on the signs.

Our Drew Griffin of CNN's Special Investigations Unit has more.

(BEGIN VIDEOTAPE)

DREW GRIFFIN, CNN CORRESPONDENT (voice-over): If you have stimulus money being used to build or fix roads in your state, the Federal Highway Administration says signs, just like this one in Colorado, are strongly recommended.

The Federal Department of Transportation has notified recipients that President Obama made the commitment that all projects funded by the American Recovery and Reinvestment Act will bear a recovery emblem. There are even specifications for the signs right down to the tenth of an inch, or type and color.

The goal, according to the president back in March, is to show stimulus money putting America to work.

OBAMA: Let it be a reminder that our government, your government, is doing its part to put the economy back on the road of recovery. GRIFFIN: You may think that's a good idea, but Oklahoma Senator and Republican fiscal watchdog Tom Coburn says in an economic crisis, spending federal tax dollars to build these signs is, well, stupid, even if it does amount to a thousandth of one percent of the total stimulus spending.

SEN. TOM COBURN (R), OKLAHOMA: I don't think we ought to be wasting money on that. If we're doing a project, so what if it came from the stimulus money?

GRIFFIN: We asked the Department of Transportation how much this will all cost. A spokesperson couldn't tell us because all the states differ on price. But Illinois's Department of Transportation says at about $300 a sign, that state alone will spend $150,000 in stimulus funds on signs.

Drew Griffin, CNN, Atlanta.

(END VIDEOTAPE)

HARRIS: So, we can see signs from here to eternity, but where is the bailout money going? I mean, really, literally, all of it.

Nicole is keeping it real with us from the magic wall.

Nicole, your assignment today was to really sort of track all this money. How much are we spending, what is the sum total of all of this?

NICOLE LAPIN, CNN.COM CORRESPONDENT: Hold on. Think about what we're getting today, Tony, $7.5 billion. Right, that sounds like a lot, so much money right. It's a drop in the bucket for all of the government money they have committed since the start of this recession in 2007.

So on CNNMoney.com we have a breakdown of everything the government has promised. This is a long list.

HARRIS: Are you kidding me?

LAPIN: Are you getting my point here? We're talking stimulus money, money for housing, Fannie and Freddie, all right you get the point here.

Let's get to GMAC. GMAC we're talking about $7.5 billion today. Do you remember that $5.9 billion?

HARRIS: Absolutely.

LAPIN: So now for GMAC here we have $13.5 billion together. And, of course, that is the financing arm of GM and Chrysler, where the remnants of the company will be controlled -- hold on, let's bring up this graphic. I want you to look at this number, $10.5 trillion, we couldn't fit all the zeros on this graphic. That's the money that's been committed by the government. I was on the phone with CNNMoney.com before I did this hit and they said that even with this latest $7.5 billion, this total doesn't change because if I can even say it, it's just billions.

So here's what we have to remember, Tony, and again, it sounds odd when we're talking about billions of that $10 trillion, only $2.6 trillion has been invested and it's uncertain whether the rest of that money is actually going to be used. Because, for example, AIG has more of it that they haven't used. It's allocated there for them. Some banks, remember they gave some of the money back, we can't forget that. Notice I said invested and not spent, because the government looks at this like you and I look at stocks. Most of the money they're hoping will be given back in one form or another, cash stake in the company, collateral mortgage backed securities.

So let's step back from this for a second and look at all of this. You want me to scroll again?

HARRIS: Yes.

LAPIN: Look at all of this that we have here, about $7.5 billion. This is just a little bit of money from all that we've seen and you remember the auto industry had another $38.5 billion and remember that $5 billion just for auto parts. So keep it in perspective here when we throw out these numbers.

HARRIS: The numbers are absolutely ridiculous. There is no perspective on billions and trillions, there's no perspective on billions and trillions, there's no perspective.

LAPIN: We're trying, CNNMoney.com. They really do a great job of breaking this down for us.

HARRIS: Yes, appreciate it. Thank you Nicole.

LAPIN: You're welcome.

HARRIS: Memorial Day weekend gets the summer travel season going but even if you don't have a lot of money to spend, we'll show you how to get a great vacation. It is within reach by air, road or rail. Trust me.

(COMMERCIAL BREAK)

HARRIS: OK, we want to get you to the Big Board and take a look at stocks and what's happening with the markets here about three hours into the trading day. We're heading into a long weekend, as you know the markets are closed on Monday for Memorial Day.

The Dow trying to end the week in positive territory up 37 points. Let me see here. What did I write down on Nasdaq? The Nasdaq is a plus two. We're following the numbers throughout the day with Stephanie Elam at the New York Stock Exchange.

Today is getaway day for millions of us. Auto club AAA estimates about 32 million of us will travel this Memorial Day weekend with most of us getting behind the wheel. AAA reports the national average price for regular unleaded gasoline, there it is, wow $2.39 a gallon up around 30 cents from a month ago. There you go. While gas prices are rising, experts do not expect them to spike as high as they did last summer.

We're going to challenge that a bit next week. I'm a little dubious of that claim.

Industry insiders say it is a buyer's market when it comes to getting away from it all this summer.

CNN's Samantha Hayes explains why and shows us how to get the best deals.

(BEGIN VIDEOTAPE)

SAMANTHA HAYES, CNN CORRESPONDENT (voice-over): The summer forecast for the travel industry isn't so hot.

JIM MAY, CEO, AIR TRANSPORT ASSN.: We're looking at about 14 million fewer passengers for the three month period of the summer.

HAYES: That could mean big deals.

JOE MCINERNEY, AMERICAN HOTEL & LODGING ASSN.: Every one of the major chains and all of the independent hotels have special promotions out there. It's a time for the consumer. It's a buyer's market.

HAYES: Travel analysts anticipate the recession will keep more Americans at home this summer. Less traffic translates into more efforts by airlines and hotels to fill empty seats and vacant rooms even if you're late to book.

LISA LEE FREEMAN, EDITOR-IN-CHIEF, SHOP SMART: Traditionally you had to buy early in order to get the discounts but I think if you're thinking about a last-minute trip this summer, you could end up with a really great deal.

HAYES: Travel experts say if you're usually inclined to head to websites like Orbitz or Priceline, you may want to try the vendors directly.

FREEMAN: The airline companies themselves might have a better deal on their site than you'll find at a site like Travelocity or Expedia. Same goes for cruise companies' websites, car rental sites.

HAYES: No matter how you decide to go industry insiders say it's a good time to be a traveler.

MAY: There are great fare opportunities out there to Europe to Latin America, to the Pacific throughout the United States. Take advantage. Go travel. Enjoy this summer.

HAYES (on camera): And don't forget about the roadways and the rails. Amtrak has slashed fares on some northeast routes by 25 percent. And gas is about $1.50 cheaper than it was last Memorial Day weekend. In Washington, I'm Samantha Hayes.

(END VIDEOTAPE) HARRIS: In Sri Lanka the Civil War has been declared over but the misery lives on. We will take a look at who the players are in this crisis.

(COMMERCIAL BREAK)

HARRIS: Pakistani troops right now encircling Taliban militants. The military says its troops are zeroing in on the Taliban's mountainous base as well as the main town in Swat Valley. We are just getting a first look at the mountainous terrain where much of the fighting is taking place. The U.N. is very concerned about thousands of civilians trapped by the war. Almost 2 million people have fled their homes since the fighting began last month.

Sri Lanka's government says the civil war with the Tamil Tigers is over after 25 years but a new problem is brewing. Living conditions for more than 270,000 people displaced by the recent fighting. The U.N. secretary general is there today and we're going to take you live to the capital, but first a quick 101 on this.

Tamils are an ethnic group making up about 12 percent of Sri Lanka's population, about 20 million people. Most live in the northern and eastern parts of the country. They are mostly Hindu and speak Tamil. The FBI credits the tigers with inventing the suicide bomb belt. The Sinhalese are the ethnic majority in Sri Lanka, they make up 74 percent of the population. They're Buddhists and speak Sinhala. The majority has ruled since independence back in 1948 from Britain.

Joining me now, our Sara Sidner, she is in Colombo.

And Sara, I guess the first question is, what's the goal of the visit from the U.N. secretary general?

SARA SIDNER, CNN CORRESPONDENT: Well, the first order of business really is to meet with authorities here, meet with the president and speak with him. Because the U.N. wants to make sure that the government's focus has changed from war and really to focus on those 270,000 people who are now living in camps displaced and unable to leave in very difficult conditions at this point in time.

I think that is the main reason why Secretary General Ban Ki Moon is coming to Sri Lanka, but also to see for himself what the conditions are and get on the ground at one of the largest camps (INAUDIBLE).

Also, he is coming to fly over the final battle zone. There have been a lot of questions about what happened and Ban Ki Moon will get to see that from the air as well - Tony.

HARRIS: Sara, I know you're in the capital Colombo but where exactly are you? Are you in the middle of the street?

SIDNER: Almost. I'm just on the side of the street and we're here because there was a massive victory parade Tony. And I mean tens of thousands of people who came out waving flags, very grateful to be here and very grateful that this war is over. The government coming out and the president coming out and addressing the nation making a big victory speech and telling everyone that the fight is over with the Tamil Tigers and that now it is time for the country to heal.

What you are seeing behind me and all these buses coming at me are provided by the government free so that people could come to this and indeed they did, they showed up in mass - Tony.

HARRIS: One more, Sara, you eluded to it now that fighting is over what are the prospects for a more meaningful integration of the Tamil people into the broader Sri Lankan society?

SIDNER: I think that is a very difficult question, one that the president tried to address on Tuesday when he spoke to the parliament and had to lay out his plan. And basically he said look, this country needs to be whole. We need to find a political solution. He knew that the military winning of the war is not going to win hearts and minds and so he said that's something that the politicians in this country need to take care of on their own. He was very clear in saying he did not want any international interference as he called it when it comes to trying to fix the conflict - Tony.

HARRIS: All right, Sara Sidner right there on the streets of Colombo, seemingly in the middle of the street.

All right, Sara, appreciate it. Thank you.

Looking for a financial planner? We've got tips on how to find the right person for you from our help desk.

(COMMERCIAL BREAK)

HARRIS: Who gets to see your credit score and how do you go about hiring a financial planner? Some of your money questions for personal finance editor Gerri Willis and her team of experts at "The Help Desk."

(BEGIN VIDEOTAPE)

GERRI WILLIS, CNN PERSONAL FINANCE EDITOR: We want to get you answers to your financial questions. Let's get straight to the Help Desk.

Donna Rosato is a senior writer at "Money" magazine, and Dwight Raiford is a senior financial planner at MetLife.

OK, guys. Let's get right down to the work here.

Giovanny in Florida, asks, "I went to buy my first home. I have no debt, but my credit score is only 555. My cousin has great credit and has offered to put me on her two oldest credit cards either as an authorized user or by co-joining the account. Which is better?" - Donna.

DONNA ROSATO, SENIOR WRITER, "MONEY": Well, first of all, it's really nice that your cousin is going to help you out, Giovanny, and it could be a good thing. The key difference between being an authorized user and a joint cardholder is that the joint cardholder is on the hook for the payment for that debt if it's not paid.

So, if you think your cousin is going to -- if your cousin and yourself will jointly hold the account and you're both going to be responsible, that can be a fine way to go. If you're an authorized user, their credit history will show up in your credit report, too.

But here's another way you might want to go about it so you don't have to worry about the relationship with your cousin. If you're trying to build up your credit history and you do have a good credit score, but not a lot of debt, why don't you get a secured credit card? It works just like a regular card, but you put down a couple hundred dollars and you pay it off regularly. Fast way to build up your score and you don't have to worry about your cousin.

WILLIS: All right, let's get onto Alex's question, "I'm trying to keep my strong credit score. Is it a good idea to call your credit card company and tell them to block automatic credit line increases or is it better to cancel the card with no activity yourself or just wait and let the company close it after a long period of inactivity?"

Dwight, what do you make of this one?

DWIGHT RAIFORD, SENIOR FINANCIAL PLANNER, METLIFE: Here's the deal. Credit scores are impacted by two things, the amount of credit that you have versus how much you've used. So if you can control your use of the card, you want to keep those credit lines available. So don't block them. Let them increase it. The problem for you is, don't use them.

WILLIS: Right. It's about reining in your own spending habits.

RAIFORD: Exactly. Exactly.

And as far as canceling cards, the other thing that impacts your credit score is how long has your credit cards been out there? The longer they have the higher your score. So canceling them, not a good idea.

WILLIS: All right, great advice.

And of course we're always talking to people about their credit cards. We do it every week. And there's some good news coming out this week for folks on credit cards with big changes there.

"The Help Desk" is all about getting you answers. Send me an e- mail to gerri@cnn.com or log on to CNN.com/helpdesk to see more of our financial solutions.

And "The Help Desk" is everywhere. Make sure to check out the latest issue of "Money" magazine on newsstands now.

(END VIDEOTAPE)

HARRIS: And of course we're pushing forward to Kyra Phillips at the top of the hour. Just about eight minutes or so away.

(WEATHER REPORT)

HARRIS: Planning to hit the road this Memorial Day? Energy efficient vehicles are getting a lot of attention these days, but eco- friendly motor oil can make your car a little greener even if it's a gas guzzler.

Hey, Alison Kosik is back with us and she has our "Energy Fix" from New York.

Good to see you Alison.

ALISON KOSIK, CNN CORRESPONDENT: Good to see you too, Tony.

You know most of us are really oblivious about what happens to used motor oil when we get an oil change. But the EPA says 200 million gallons are improperly disposed of every year and just one gallon can pollute one million gallons of drinking water.

And that's why we're seeing more of these green motor oils come to market. G-Oil is one of those brands, it's a bio-degradable motor oil that's made from animal fat. It's certified by the American Petroleum Institute and you'll be able to get it next month nationwide for about six or seven dollars a quarter.

EcoPower is another option, I have a bottle right here, it's selling for about $3.50 at Auto Zone. It's actually -- what's in here is used motor oil collected from auto shops and dealers around the country and then re-refined.

Safety-Kleen, that is actually the company that makes it, says it takes 85 percent less energy to produce than conventional motor oils - Tony.

HARRIS: Wow, Alison, I like the idea of recycling the oil. The only question I have is, is it safe for your car?

KOSIK: Well, the company says yes that it is safe.

Now, take a listen to what the CEO is saying.

(BEGIN VIDEO CLIP)

FRED FLORJANCIC, CEO, SAFETY-KLEEN: Absolutely has to meet all of the American Petroleum Institute's specifications, which it does, and all the Society of Automotive Engineers, SAE specs. As a matter of fact, the military has used our oil in Afghanistan and Iraq for years.

(END VIDEO CLIP)

KOSIK: Now we wondered if companies like Exxon and Shell may come out with their own versions of recycled motor oil. Exxon says no and Shell says its worried recycled oil wouldn't be as pure and that the quality may be inconsistent. Now Safety-Kleen says those worries are unfounded and wound up sending us a whole bunch of independent studies backing up their position that there's no difference. So they have got a bit to prove Tony.

HARRIS: OK, Alison, appreciate it. Have a great weekend, thank you.

KOSIK: You too.

HARRIS: Pilots hitting the streets instead of the runways. Wait until you see what they're doing to find a job.

(COMMERCIAL BREAK)

HARRIS: How about that? How good is that? There are 1,100 or so graduates at the naval academy, Annapolis, Maryland, absolutely some class today, what a moment. All of them shaking the hands and in some cases hugging the commander in chief. What a day in Annapolis. So, what do you do if you're out of a job -- do I hear Kyra?

KYRA PHILLIPS, CNN ANCHOR: Luckily we have a job. We're behaving ourselves. You remember graduation day. You threw your cap up.

HARRIS: Yes, I did. I waved my hands around as though there were no repercussions, oh OK. Hi, everybody. What do you do if you're out of a job and you've exhausted all of the usual avenues to find another one and you're in a specialized field to begin with? Well, you take it to the streets. You know. Like the Doobie brothers, you take it to the streets like these corporate pilots grounded this year in Washington State.

(BEGIN VIDEO CLIP)

CHRIS CAMPBELL, UNEMPLOYED PILOT: It's a small world. It's a really small world. You don't know who knows someone or who knows someone who knows someone so why not get out here and get some waves and maybe someone will swing by.

STEFFEN SCHMIDT, UNEMPLOYED PILOT: This isn't a joke. I have a family, I have an 18 month old at home and they need to be taken care of.

(END VIDEO CLIP)

HARRIS: The pilots say they're actually turning down offers of food. They just want the work. Trying to hang onto my job here.

Pushing forward now to Kyra Phillips in the next hour of CNN NEWSROOM.