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Oil Slick Approaches Gulf Coast; People Protesting the Arizona Immigration Law Today; Financial Expert Gives Advice

Aired May 01, 2010 - 14:00   ET

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

FREDRICKA WHITFIELD, CNN ANCHOR: This hour, making sure all of your experience in the work force works for you instead of against you. We are talking to a financial expert about age-proofing your career, and we're taking your questions.

And what did this mascot do to get a huge crowd to go simply wild? Our Josh Levs will show us in viral video rewind at 3:15 eastern time.

And then at 4:00, we are looking at new movies on the big screen, including a trip back to Elm Street. Same street, new Freddie.

You're in the CNN NEWSROOM where the news unfolds live this Saturday, May 1st. I'm Fredricka Whitfield.

Two major news stories we are following happening right now. First, the oil slick that is creeping closer to the Gulf coast. We'll show you where it is now, what emergency crews are doing to protect the shoreline, and what this disaster could do to people's lives and livelihoods.

And the second big story, immigration controversy, Arizona's tough new law is making this May Day a lot different than last year. Protestors coast-to-coast are sending a message to Arizona.

CNN is everywhere on both stories. We'll go to the Gulf coast in a few minutes. Right now, let's get to the Arizona law fuelling the May Day protests and demonstrations. Casey Wian has us covered in Phoenix. Ted Rowlands is following the demonstrations in Los Angeles. And Susan Candiotti is in New York.

Let's start with you in New York, Susan.

SUSAN CANDIOTTI, CNN NATIONAL CORRESPONDENT: This is an energetic and noisy turnout today in New York's Union Square where by one police estimate we have at least 1,000 people here. This square could probably hold up to 2,500. And I wouldn't be surprised as the day goes on that they reach those numbers.

Right now a lot of speeches are going on. We have a huge number of people here unlike last year's May Day rally where turnout was relatively low because of bad, rainy weather as well as the outbreak of the swine flu at that time, as you might recall.

But this year, galvanized by what is happening in Arizona and passage of that immigration bill, we have a much, much bigger crowd. We have all kinds of signs here, all kinds of nationalities represented. A grew you hear playing in the background from Mexico, people calling for immigration reform, people calling for immigration rights.

We have all sorts of people whose view points are represented here today. Included in the crowd here is a young man I met a little while ago. His name is Caesar Mack (ph) from Peru. And you are an undocumented student. You're going to City College studying what?

CAESAR MACK, STUDENT: International studies.

CANDIOTTI: You've been living here how long from peru?

MACK: I've been living in this country six years and I'm still fighting for immigration reform. We are asking for a comprehensive immigration reform for the approval of the Dream Act, which will enable thousands of students who graduate from high schools and have a lot to contribute to the overall development and prosperity of this country.

CANDIOTTI: What would you like to do if you graduate college here?

MACK: I would like to become a secondary education teacher and pursue graduate studies.

CANDIOTTI: If there is not immigration reform, you would have to go home to Peru?

MACK: Unfortunately if that happens I have to go back to my country.

CANDIOTTI: I have to ask, a lot of people don't understand, since you are undocumented here and don't have a green card, many people wonder how is it that you can live here and go to school here, go to college?

MACK: We do little things here, little things there. We try to make it work. Little by little, but also my family helped me. That's pretty much what we have to do. It's pretty miserable, but we have to do something. We have to make that happen.

CANDIOTTI: Thanks very much for talking with us today.

Of course there are many people who are here who agree with his point of view. There are others who are calling for immigration reform, including Senator Chuck Schumer who is talking about a bill that might include inserting your Social Security number on an identity card that would include a chip that would also include information about your immigration status. That is not going over well with the number of people in this crowd.

There will be more speeches as the day goes on. We'll be back later to report on it for you. Back to you, Fred. WHITFIELD: All right, Susan Candiotti, thank you so much in New York. Let's go to Casey Wian in Phoenix, Arizona. What's the turnout there?

CASEY WIAN, CNN CORRESPONDENT: Fredricka, we have about 200 people who have shown up so far at the Arizona state capitol here in Phoenix. This is a bill where the legislation was enacted that gives local law enforcement officers more power to help enforce immigration law.

Protestors here do not like that. They've been protesting since last week over the fact this law is going to go into effect in 90 days barring a court challenge.

Because of those protests, the governor yesterday signed some revisions of that law into law, basically clarifying that the law does not give local police the authority to stop anyone based on the color of their skin, their ethnicity, the way they look. They can only inquire about someone's immigration status if they are involved or suspected to be involved in another crime.

Despite those changes, protestors here still say they have a lot of problems with this law. They say they are worried about the fact that illegal immigrants may not feel comfortable cooperating with local law enforcement who are investigating other crimes. They say they are worried about people being picked up for minor code violations of civil ordinances, and they want the federal government to step in and stop this law.

Right now we are expecting more protestors here as this afternoon goes on. There are about 200 folks, very peaceful and quiet right now, Fredricka.

WHITFIELD: All right, Casey Wian, thank you so much. A stark contrast from what we're seeing in some of the other major cities like New York and Los Angeles. Casey joining us from Phoenix there.

All right, job security, many companies value older workers for their knowledge and expertise, right? But being an experienced worker can also cost you. How do you age-proof your career? We'll have tips.

(COMMERCIAL BREAK)

WHITFIELD: All right, bit by bit oil is oozing ashore in coastal areas of Louisiana. President Obama plans to travel tomorrow, where crews are racing to protect the marine life there. Hundreds of thousands of barrels of oil have leaked into the Gulf of Mexico where an oil rig exploded and sank just about two weeks ago.

CNN has been keeping its crews all along the coast. Our Brian Todd is stand buying from Venice, Louisiana. Some rather encouraging news on the cleanup front in what way, Brian?

BRIAN TODD, CNN CORRESPONDENT: Fred, some encouraging news so far. Right now according to BP and two parish officials who I spoke to a short time ago, no significant traces of oil have washed up on the shores here yet. But they are still monitoring this.

We have been told there is some oil on the barrier islands, barrier patches that are further out, and that there is some oil sneaking past there trace amounts, but no significant accumulations yet.

Also, on the booming efforts, that is a key part of this. They are booming off as many significant chunks of land here as they can. They are booming off the Delta wildlife refuge area and the Breton wildlife refuge area.

Here is the problem. You see behind me rough seas. This is an inlet off the Gulf of Mexico, and there are white caps here, so seas out further are even rougher. That's hampering some of the booming efforts. As we've been reporting, the seas wash over the booms and can wash some of the oil over the booms. So it is complicating some of the efforts.

Also chemical disbursements are being used underwater. They tested those out last night. Especially those disbursements attach to large clumps of oil underwater and make them sink to the bottom. A BP official told me they tested it out last night. It worked well and they'll be deploying those chemicals in large amounts today.

There are questions from environmentalists as to whether those chemicals themselves are safe. Some environmentalists say they are very toxic themselves and almost as bad as oil. But BP says we've gotten clearance from U.S. environment agencies to use this. We're going to use it.

So, Fred, they hope to be able to use that today and really kind of disperse large amounts of oil. So that's the stat us of the containment effort at this moment.

WHITFIELD: So there are huge efforts to keep this from getting any worse. There are questions now that really are reflecting on how this got so out of hand in the first place. This backup system, apparently there was one in place and possibly there was a problem that may have prevented all this in the first place? Explain.

TODD: In other countries, in Norway and Brazil specifically, they require these massive rigs to have a one type of backup system known as an acoustic switch, a remote controlled switch that is at the bottom of the sea floor.

And what that does is by remote control it shuts off the wellhead when an explosion or something like that occurs and can conceivably prevent massive amounts of oil from leaking out. In the United States they do not require them.

I talked to a BP official about that and he said we have all weighed in on the use of these acoustic switches. In their view those switches are not as reliable as the other backup system that they use here.

What is that backup system? Those are the remote-controlled submersibles. In this case they haven't been working. This BP official said we still don't know why they are not working. Those are the kind of questions floating back and forth between us and officials here as to what can be done to stem this oil flow.

WHITFIELD: Brian Todd, thanks so much.

So all that oil oozing from the Gulf has a whole lot of people worried about what will happen to the fragile ecosystem. We are seeing birds, marine life coated in oil, this at a peak time for nesting, breeding, and egg hatching. The Louisiana coast could be hit the hardest in the end.

And that is where 40 percent of the coastal wetlands in the continental U.S. actually exist, all important breeding grounds for fish, shellfish, bird life, and so many commercial industries.

So how will all this affect you and what you actually eat? We'll look at the potential hardship for those who make their living off the sea and impact on your wallet later on in this hour.

And you don't often hear the S-word repeated in a Senate hearing, but the testimony was full of it earlier this week. Did you hear Senator Carl Levin question a Goldman Sachs mortgage guy? He wanted to know why they continued to sell a shaky mortgage investment deal known as Timber Wolf after it was bad mouthed in an internal e-mail.

(BEGIN VIDEO CLIP)

SEN. CARL LEVIN (D), MICHIGAN: June 22 is the date of this e- mail. "Boy that Timber Wolf was one (expletive) deal. How much of that (expletive) deal did you sell to your clients after June 22, 2007?

UNIDENTIFIED MALE: Mr. Chairman, I don't know the answer to that, but the price would have reflected levels that they wanted to invest in.

LEVIN: Oh, they don't know -- you didn't tell them you thought it was a (expletive) deal?

UNIDENTIFIED MALE: I didn't say that.

LEVIN: No. Who did? Your people, internally. You knew it was a (expletive) deal, and that's what your e-mail shows.

(END VIDEO CLIP)

WHITFIELD: OK. This was a small part of a ten-hour Capitol Hill grilling session of Goldman Sachs executives. They are accused of selling clients mortgage-related assets which Goldman itself may have been betting against. And the U.S. Justice Department has now opened a criminal investigation.

We would love to hear what you think of all of this. Share your opinions and comments on my blog at CNN.com/Fredericka. We'll read some on the air a little bit later. Let's turn to Ryan Mack, president of Optimum Capital Management, a financial analyst who we often like to have in this segment to help answer questions people might have in their own finances and talk about the economy in general.

So Ryan, will a criminal investigation and congressional hearings actually change the way companies do business by using Goldman Sachs as the latest example?

RYAN MACK, PRESIDENT, OPTIMUM CAPITAL MANAGEMENT: The biggest problem is the fact Goldman Sachs is not the problem, actually the symptom of the problem. The biggest problem is that we did not have the proper regulations and oversight to prohibit these activities from going on in the first place.

The simple fact they are able to put together these securities and sell them and also take a short position in these securities is essentially like allowing an arsonist to sell fire insurance. And so there is a huge conflict of interest there. There should have been a lot of violations in place.

I don't think they have a strong case against it, but I feel at the end of the day they are going to, the ethics violated in this, there has to be regulations and oversight. This is one of those times where it comes from the top down in order to make sure we have to put the proper regulations in place to make sure these things can't happen further.

WHITFIELD: Let's talk about something that may impact more people on a regular day-to-day basis, particularly as we hear the gross domestic product increased at an annual rate of 3.2 percent in the first quarter of this year.

Apparently, this is the third time we've seen, the third straight quarter we've seen this increase. Bottom line means people are spending more. Is this an indicator that perhaps the worst of the recession is indeed behind us?

MACK: Well, there's a lot of fears ahead individuals have. One of those fears they might be the possible worry about inflation. Will the Fed be able to remove the extreme stimulus they are doing in the economy in an efficient way to not allow inflation to set in or without letting the bottom fall out? It's a fine line they have to walk moving forward.

I think what individuals and consumers have to do is understand the days of old are over. I don't think those days of six percent and seven percent annualized return on GDP that was essentially funded by debt from all levels, consumer debt, individuals purchasing things with money they didn't have, individual and companies doing the same thing, and the government allowing that to go on. It seems like we were riding this sugar high.

So if we go back to a level of sustainable growth. I don't want those days to come back, because I want sustainable growth to be moving forward to make sure we can use the money we only have to spend on items we really need, and understand the difference between needs and wants.

The problem is that a lot of our luxuries of old became necessities because we purchased luxuries so much. So moving forward, it seems savings is better, the stimulus has worked. But these things from the bottom up is going to have to allow this economy to stabilize moving forward from the consumer making sure we are spending money more wisely and being more fiscally responsible as an entire society.

WHITFIELD: I think something universally everybody wants, they want more jobs, they want to make sure people who have jobs get to keep them, which really brings us to the notion that many folks feel like job loss and age discrimination just might be heightening.

So for many people who are experienced at their work, what kind of advice do you have to people to try and make sure that they continue to keep their jobs, and that perhaps the more experienced, valued employee doesn't lose their job to someone who is newer to the industry who perhaps will work for less?

MACK: Well, the biggest financial strategy you could ever employ in this economy is to keep your job. So a lot of individuals out there -- the days of, remember the old days when we used to have on our resumes, I can use Microsoft word or Excel? That would be a huge perk or benefit.

Those days are pretty much gone. Individuals now are going to advanced levels of technology. Individuals using Facebook and social media and tweet and Linked in, that's something individuals are communicating using tweets.

So are you able to use tweeting? Are you able to go on Facebook and use these social platforms and able to communicate and make sure their more current and up to date with the most recent technology? And make sure you are kept aware of the different types of lingo. Sometimes individuals may be perceived, and perception is reality, so if they perceive that you're out of date ...

WHITFIELD: But surely that can't be the only thing. Using social networking, here you say you've got to know the lingo, understand the environment. Is there yet one more?

MACK: Yes, individuals understanding they have access and understanding the PDA and the blackberries and all these things are current. The days of long meetings are over. People are adapting to a level of short attention span.

WHITFIELD: Shorter, pithier kinds of meetings.

OK, we'll have a lot more questions coming your way, as well. We'll take a short break right now. If you have more questions about how to age-proof your career, for example, how to take advantage of the fact you have been able to maintain your job, send your questions to me at CNN.com/Fredericka. Brian Mack will be weighing in right after this.

(COMMERCIAL BREAK) WHITFIELD: A look at our top stories right now. May Day protests against Arizona's new immigration law, rallies in Los Angeles, New York, Washington, Dallas and other cities right now.

Arizona's law requires officers to question people about their immigration status if they suspect people are here illegally, and according to some amendments in the law if they are suspected of violating some other law.

Critics say it encourages racial profiling. Supporters say it is needed because the federal government failed to secure the border.

And four states on the Gulf of Mexico are under a state of emergency as a massive oil slick closes in on the shoreline in Louisiana, Mississippi, Alabama, and Florida. Traces of the slick are already showing up on coastal Louisiana. And President Obama is traveling to the region tomorrow.

And another weekend and another tornado outbreak. Twisters swept across Arkansas last night killing at least one person and nearly two dozen others were hurt. The storm struck central and northern Arkansas.

(WEATHER REPORT)

WHITFIELD: We'll return to our financial segment and answer your questions now. This is the favorite part of so many viewers because they get expert advice for free right here.

Ryan Mack, president of Optimum Capital Management back with us. Josh Levs here as well. Josh has questions for you, Ryan. People are still very interested in not just their jobs but their mortgage. What to do about spending, saving, credit, all of that.

JOSH LEVS, CNN CORRESPONDENT: We let everyone know Ryan will be here and they start to ask us everything.

WHITFIELD: Free advice.

LEVS: We saw so much happen with Goldman Sachs this week, I want to start with this question. Let's go straight to this. "With all the huge financial investment firms donating to politicians, can we ever expect to see real protection of the average investor?" Ryan, as someone who watches out for average investors, what do you think?

MACK: There is legislation they are trying to push through with the consumer protection agency which will assist individuals in being more aware of those, the type of loans, cash advantages, credit cards, and mortgages and make sure they are easier to understand.

I think the bigger picture in that question is the days of going to any advisor, whether it be a mortgage broker, real estate broker, anybody without any sufficient knowledge -- if I go outside and know if I steal a car that I'll get arrested, then I don't need a JD to know that information. So we have to go into our financial advisor's office and make sure we have sufficient knowledge to protect ourselves and make sure do the research on them. Are they a certified financial planner?

LEVS: You sound optimistic in that sense. You genuinely think that some of the changes coming in Congress might actually do more to protect individual investors as well.

MACK: I'm a little bit optimistic about it. I do not think they go far enough. I do think they are a step in the right direction. The end responsibility is what can we do to protect ourselves and make sure we are doing the right research before we go to any advisor's office. There are people out there that are more concerned about their bottom line than yours.

LEVS: One more quick one. What we get are a lot of very specific questions. I like this one because I think I've seen 50 questions on short sales over the past month, looking for advice when and when not to do a short sale.

This is someone who lost $100,000 on a home in this recession which unfortunately is not that unusual. What do you think about short sales, really quickly?

MACK: Definitely short sales, banks right now are looking for more credit. They want to make sure you actually have someone who has agreed to purchase your piece of property. So you have to have someone with proof to say this person, this property will be sold.

And again, are you prepared to deal with that deficiency? If you're $100,000 short, are you prepared to deal with actually having to pay back that balance of the loan if the bank does not forgive you?

So before we do that, the bigger picture is making sure we are looking at our home as not an investment. It is an investment, but are you prepared to be with it for the long run? So if you do lose value in the home, are you prepared to take that value? It's still a piece of property.

LEVS: You are not putting a big "no" stamp on it personally. Thank you, appreciate that, Ryan.

WHITFIELD: Ryan Mack, thanks so much. Good to see you. And Josh, appreciate you, as well. We've got viral video rewind next hour. Look forward to seeing you then.

LEVS: That's dessert.

WHITFIELD: That's right. Still ,ore of the main course, however. If you don't live near the Gulf coast and you don't think the oil spill will actually affect you, think again. The ripple effects have only just started. A special guest is actually standing by to explain it.

(COMMERCIAL BREAK) WHITFIELD: Mar 1st, or May day is the day people demand better working conditions. This May Day things are a little different. There is something new fuelling today's rallies, Arizona's controversial new immigration law. Protestors across the country are sending a message to Arizona.

We are seeing rallies in New York, Washington, Dallas, Phoenix, and a big one taking place in Los Angeles. That's to the right of your screen right there. We'll check in with Ted Rowlands who is in Los Angeles. We'll meet up with him momentarily.

And the other big story we are following throughout the day, that floating oil slick in the Gulf of Mexico is starting to wash up along the Louisiana coast. President Barack Obama heads for that region tomorrow to get a firsthand look. And he may get a chance to hear from people who take this spill incredibly personally. They actually make a living on the water.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: I never experienced nothing like this in my life. Mr. Brooms has been around a lot longer than me. I mean, my opinion, it's going to be devastating. No more crabbers, no more work, no more, I mean, you've got a change of life.

What do you do? We don't know what to expect. We're lost right now. You're waiting for them to dictate to us what we can and can't do I guess.

KEVIN HEYERS, FISHERMAN: Of course I'm worried. I rebuilt this place after Katrina. Rebuilt it after Gustav. I might not be able to rebuild think the time. I could be out of business.

(END VIDEO CLIP)

WHITFIELD: And that's part of the fear and the problem. And so one biologist says the extent of the impact of the environment depends on what kind of oil comes ashore and how long it will be there.

To talk more about that, let's bring in Casi Callaway, the executive director of Mobile Bay Keeper. She joins us from Dauphin Island south of Mobile.

Casi, give me an idea. Why does it depend on the type of oil? Everyone universally thinks this thick, heavy, black mucky stuff. Are we saying the oil in this spill might be different than the Exxon Valdez spill, which so many people remember being a real calamity particularly for wildlife?

CASI CALLAWAY, EXECUTIVE DIRECTOR, MOBILE BAY KEEPER: The reason it's different from Exxon Valdez is not the kind or type. That honestly isn't my area of expertise. The difference this is doesn't have an end date. There are a minimum of 5,000 barrels of oil hemorrhaging from the bottom of the gulf of Mexico with no real end in sight. They don't have a plan to stop it. They don't know how to stop it. This is going to last a long time. We don't know how long. WHITFIELD: Are you at all encouraged by these dispersants BP will put near the area of the leak that apparently these chemicals would adhere to the oil, make it heavy and it would drop to the bottom and somehow just disseminate or disappear in some way? Do you have much hope in that?

CALLAWAY: No. I have more fear by that, a great amount of fear.

WHITFIELD: Why?

CALLAWAY: We are incredibly worried this medicine is worse than the disease.

Number one, dispersant at the source is not proven, has never been tested. We were told yesterday the EPA was most likely not going to allow that. If they are, they are trying to just throw anything they can at this fire to put it out, and frankly, I think they are causing a bigger one.

Disbursement is a toxic chemical. We have no what dispersant it is.

Number two, all it's doing is allow the oil to sink to the bottom to sit there until such time as we have a weather event like a hurricane, which we have fairly regularly in the Gulf of Mexico, to pick it up and move it around.

Third, when it's broken up, that enables it to go farther faster to our shores. We don't know what this is. We don't know what the dispersants are or how bad they can be. That does not give us any encouragement. It's worrying us more, frankly.

WHITFIELD: What things are giving you encouragement? What do you like that is being done that perhaps may try to save the wildlife, save fishing industries from being damaged further?

CALLAWAY: I'm encouraged by the fact over 1,000 volunteers have called in the last three or four days. I'm encouraged by my office and three or four offices collecting names and generating volunteers from all over the country, if not from points farther beyond.

People want to get involved to help us. We have some time. We know we can put booms out in front of it. We know we can do things to collect the oil, soak up the oil, get it out of its way and perhaps even get it siphoned off.

But we've got to get support from the government and from BP to get more siphoning equipment here. The number one way to get this oil cleaned up is to get it off with siphoning boats. We don't have enough of those here. We need more of it.

Getting it wrapped up in booms, as you see this wind is making that a whole lot harder. But we've got to get there and get on the front line of this as quickly as possible.

WHITFIELD: Casi Callaway, executive director of Mobile Bay Keeper, thank you so much.

And later on today we are actually going to speak with someone who is apparently an expert on that dispersant we are talking about. You are not necessarily a fan of it, saying the medicine could be worse than the disease. We'll talk more exhaustively with Ricky Ott, marine legend, so to speak. Maybe Ricky can help clarify what this is dispersant does and if indeed it would imperil the environment even further.

Thank you so much, Casi.

On to a message being sent to Arizona in the form of thousands of people. The state's controversial new immigration law in Arizona is adding fresh passion to the annual May Day protest, a big rally shaping up in Los Angeles. Will take you there.

(COMMERCIAL BREAK)

WHITFIELD: Our top stories right now, president Obama plans to fly to the Gulf coast tomorrow to get a firsthand look at the massive oil spill. Louisiana, Mississippi, Alabama, and Florida are all under states of emergency as the oil slick closes in on their shorelines. Traces of the slick are already showing up in coastal Louisiana.

And a new recall covers dozens of children's over-the-counter medications. Among them, Tylenol, Motrin, Zyrtec, and Benedril. The FDA says the potential for serious medical problems is remote, but it is advising consumers to stop using those products.

An Arizona sheriff's deputy is recovering after he was shot and wounded while encountering a group of suspected drug smugglers. The suspects are believed to be illegal immigrants.

The incident comes as the state faces a firestorm of criticism over a tough new immigration law. Today protestors are gathering around the nation as well as throughout Arizona to rally against that law.

A big rallies shaping up right now in fact in Los Angeles. That's where we find CNN's Ted Rowlands. It seems like Los Angeles has the greatest gathering of demonstrators on this May Day.

TED ROWLANDS, CNN CORRESPONDENT: Fredricka, organizers are hoping to get 100,000 people, and they did it, they did it for sure. And part of the reason is part of what happened in Arizona over the last week, a lot of protests around the country.

And of course there are a lot of immigrants here in Los Angeles. Take a look down this street, you can see the downtown is completely filled with people. The goal, according to organizers, was to make a statement with the numbers. And clearly they are making a statement here today.

Every year in Los Angeles on May Day we have large immigration rallies. This one, I've been to many of them. This one rivals all the others in terms of numbers. We are seeing a lot of signs demanding immigration reform. We are also seeing a lot of signs specifically targeted to Arizona and SB-1070, which you mentioned obviously has sparked protests from around the country.

Again, organizers said they are hoping that today they could send a message with the number of people, and take a look at the number of people. It's remarkable how many people are out here in Los Angeles demanding some sort of comprehensive immigration reform.

WHITFIELD: Incredible. Thanks so much, Ted. Appreciate that. And I know as the day progresses the crowd is only going to grow even more. Thank you.

This is not in the United States. This is Athens, Greece. Violence in the streets on this May Day there. Protestors clashed with police in Athens, as you see. The annual celebration has taken on an angry tone this year as Greece unveils some tough new austerity measures. The country is tightening its belt as it copes with a serious debt crisis.

At least seven officers and two protestors were actually injured. Police made nine arrests.

In Australia, we have a problem, a NASA launch gone terribly wrong.

(COMMERCIAL BREAK)

WHITFIELD: There was a lot of crash talk around the water cooler this week starting with this little mishap. Seven stories above the streets of Tulsa, Oklahoma, yes, that is a car right through that brick wall. The driver went too far backing onto a parking spot in the high rise garage. Good luck getting a tow truck up there.

And the tallest structure ever built in Alaska came crashing down this week. The 1,350 foot tall Coast Guard Communications tower had dominated the skyline since 1961. They were not planning to prepare the aging tower, so they decided to bring it down by controlled demolition.

And then to Australia, NASA's attempt to launch a giant weather balloon goes terribly wrong as you see right there. The balloon's payload, a $2 million gamma ray telescope headed to the atmosphere ended up smashing into parked cars on the ground there and sending spectators running for their lives. That was not part of the plan. Ouch.

(WEATHER REPORT)

WHITFIELD: All right, some people upset about Arizona's new immigration law say the best way to protest is with the pocketbook. So boycott the whole state? But then who really pays?

(COMMERCIAL BREAK) WHITFIELD: All right, so we are seeing May Day demonstrations nationwide. People from New York to Los Angeles, Washington to Dallas protesting Arizona's controversial new immigration law.

It requires law officers to question people about their immigration status if they suspect those people are here illegally and if they are suspected of breaking any other law. Supporters say the federal government has failed to secure the borders so the law is need. Critics say it encourages racial profiling.

So using the economy as a weapon for change. There is a call for boycotts against Arizona, and it's aimed at state leaders, but business owners say it's struggling family whose will pay the price.

CNN's Thelma Gutierrez has more.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: We urge people doing business with Arizona to sanction the state.

THELMA GUTIERREZ, CNN CORRESPONDENT: Arizona businesses are in a state of anxiety, as calls for national boycott begin to echo outside its border.

DENNIS HERRERA, SAN FRANCISCO CITY ATTORNEY: The only way to spur folks to appreciate how draconian this is, is for there to be a tangible price to pay.

JANICE HAHN, L.A. CITY COUNCIL WOMAN: We can boycott Arizona. We are looking at all our contracts.

GUTIERREZ: Officials in San Francisco and Los Angeles are calling for all city departments to end their contracts with Arizona- based companies and stop doing business in the state.

The American Immigration Lawyers Association has already canceled its fall conference there. And the national minority suppliers, among other groups, may pull out, too.

And just as Major League Baseball is planning to hold its all- star game in Arizona next year, is there a move to boycott the Phoenix home games of Arizona's beloved Diamondbacks.

The calls for a national boycott are starting to go viral on social networking sites like twitter, Facebook and YouTube. Arizona Governor Jan Brewer signed the law and says border security is a priority.

GOV. JAN BREWER, (R) ARIZONA: When I go about meeting with businesses that come into Arizona that are trying to locate here or businesses that are here, they, too, are concerned. They want to know that we have a safe and secure environment.

GUTIERREZ: But Nan and Dick Walden (ph) say the new law will do nothing to protect the border. They own one of the largest pecan farms in the world near the border.

UNIDENTIFIED FEMALE: We think it's a disaster for our state.

GUTIERREZ: And the Waldens say a boycott will devastate Arizona businesses already struggling in a bad economy.

DICK WALDEN, PECAN FARMER: It can mean that people won't buy my pecans just like they didn't buy grapes. And that would destroy our business and that would destry the incomes of 250 families.

GUTIERREZ: The Arizona Hotel and Lodging Association is also worried.

UNIDENTIFIED FEMALE: Don't make tourism the collateral damage of a political issue. It's very important to understand that the harm that you're going to do is not on the legislature or the governor, it's going to be one the employees' families for tourism.

GUTIERREZ: The fear is jobs and revenues will be lost in a boycott over Arizona's top new immigration law, a law that still faces legal challenges before going into effect.

Thelma Gutierrez, CNN, Los Angeles.

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