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Stocks in Tailspin; Outrage Along Gulf Coast; Suing BP Over Oily Gulf; Tourism Ad Sparks Anger; Government's Response to Oil Leak
Aired May 25, 2010 - 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: Hello again, everyone. I'm Tony Harris.
Top of the hour in the CNN NEWSROOM, where anything can happen. Here are some of the people behind today's top stories.
Lots of outrage along the Gulf Coast. People aren't happy with the government, and they really aren't happy with BP.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: I'm not seeing BP coming to help me save my heritage yet. That's important to me, just as important as any money. You're not going to replace me being able to teach my kid how to fish. How can you replace that?
(END VIDEO CLIP)
HARRIS: OK. A Mexican tourism ad looks to lure people across the border from Arizona.
(BEGIN VIDEO CLIP)
UNIDENTIFIED FEMALE: The initial impression is, like, there is combat waiting in the jungle, and it's waiting for you.
UNIDENTIFIED MALE: I don't know what this guy is looking at. He's probably looking at me.
(END VIDEO CLIP)
HARRIS: You're online right now, and we are, too. Josh Levs is following the top stories trending on the Internet -- Josh.
JOSH LEVS, CNN CORRESPONDENT: Tony, Ashton Kutcher is, as of right now, not the most followed person on Twitter. Someone else might beat him to a milestone that is actually really big business, Tony.
And speaking of stars, there is a star out there right now that is eating a planet. No joke.
Plus, I've got ghost busters for you invading a New York landmark.
All of that coming up this hour.
HARRIS: Oh, my.
All right. Let's get started with our lead story.
It is your money, and it is disappearing again. Today, investors just can't shake jitters over the Eurozone debt crisis and fears that it is spreading.
CNN's Felicia Taylor live in New York at the Stock Exchange.
And Felicia, this is, it seems to me, getting to be all about confidence right now.
FELICIA TAYLOR, CNN BUSINESS CORRESPONDENT: Absolutely, Tony.
The Dow did sink as much as 250 points in the first five minutes of trade today. We've now retraced our steps. We're only -- only, I should say -- I mean, that sounds wrong, but we've retraced our steps. We're back off only about 1.5 percent. So, we've gained about 105 points off of our lows.
It was pretty much a swift reaction to what's going on overseas. Like you said, it's a question of confidence. Primarily, confidence as to whether or not there's going to be a recovery and that spread of contagion is going to be stemmed in Europe.
We've had sort of three months of jockeying back and forth about what needs to be done in Greece. And it hasn't really taken place. So, no surprise that European contagion is spreading. Now we've seen it go into Spain. There was another bank -- or, actually, I should say, four banks that have merged together to prop up other banks and make sure that there isn't any kind of a financial failing in Spain.
It's a global economy. That means global recovery. That means our recovery is also going to get slow. Actual economic growth numbers, they now look like they're even further down the road, because that contagion could spread here.
The Dow has closed lower by triple digits for five of the last eight sessions. One thing is certain. You can't have a market run.
Get this -- 60 percent since the lows of 2009, and not have some kind of a sell-off. One analyst notes that for the past 50 years -- so there's a significant trend -- every off presidential election year bottom -- the question is whether or not we've hit the bottom -- has been followed by an advance of more than 30 percent in the Dow.
So, it remains to be seen, if we've actually hit the bottom yet -- Tony.
HARRIS: Well, in order for us to get that bounce that history would indicate, we've got to get the Eurozone to get its act together so that -- because we need Europeans to buy our goods. Correct?
TAYLOR: Absolutely right. And that's the biggest uncertainty there, is have they got their act together yet?
I mean, there are, you know, measures that they've put into place to curb certain spending programs. In the U.K., they've got spending cuts of $9 billion. The same goes for in Spain and in Germany. The question is, how quickly are they going to be implemented and how quickly will it be to stem that kind of contagion?
Tony.
HARRIS: All right. Felicia Taylor, New York Stock Exchange for us.
Thank you, Felicia.
Crunch time in the latest attempt to plug the leak spewing oil into the Gulf of Mexico. In less than 24 hours, BP will attempt a procedure referred to as top kill. Crews will inject a thick substance known as drilling mud into the leak. That is designed to stop the flow of oil so the well can be sealed with cement.
The government's point man on the oil leak retired as head of the Coast Guard in a ceremony last hour. But Admiral Thad Allen will keep his role overseeing the response to the leak.
Local officials are frustrated on what they see as a lack of leadership in response to the oil leak. They're pushing a plan to dredge up sand walls to close channels between the Gulf and sensitive environmental areas. The feds say they're considering it. The locals say it's time for action.
(BEGIN VIDEO CLIP)
BILLY NUNGESSER, PRESIDENT, PLAQUEMINES PARISH: The Coast Guard, you know, has given me every reason why we can't do this dredge project. I say, well, give me a better plan.
You know, they keep talking about the resources of the Defense Department and everything they have at their disposal. We've got a few elected officials, the governor, some engineers, and some passionate fishermen, and we put a better plan together.
Work with us. Let's come up with a better plan.
(END VIDEO CLIP)
(BEGIN VIDEO CLIP)
CAROL BROWNER, ASSISTANT TO PRESIDENT ON ENERGY & CLIMATE CHANGE: It will take them six to nine months to construct these. And that's something that we need to evaluate, which is a solution that won't be in place perhaps for six to nine months.
Is that the best solution in the near term? We're looking at these very, very seriously. We understand where the parish presidents are coming from. We will be responsive to their requests. But we need to make sure, and I'm sure they want us to make sure, that these are the best responses to get us the fastest protections.
(END VIDEO CLIP)
HARRIS: Well, fishermen along the Gulf Coast are running out of time to protect their livelihoods.
Ines Ferre joins us with reaction from the Gulf Coast.
And Ines, look, they're angry and they want action now. And it's understandable.
INES FERRE, CNN CORRESPONDENT: That's right, Tony.
And I'm going to show you this town hall meeting that took place last night in Chalmette, Louisiana. More than 200 fishermen attended. BP has promised to pay them for lost work, but the frustration is really mounting, Tony.
Listen to this lifelong commercial fisherman.
(BEGIN VIDEO CLIP)
ERWIN MENESSES, FISHERMAN: I'm not seeing BP coming to help me save my heritage yet. That's important to me, just as important as any money. You're not going to replace me being able to teach my kid how to fish. How can you replace that?
(END VIDEO CLIP)
FERRE: And, Tony, people are reacting to the oil spill in different ways. Take a look at these signs. They were put up by a 17-year-old on Grand Isle, Louisiana.
That beach is closed, and she was upset that the beach was closed. And take a look at those signs. She made those signs.
And in Venice, Louisiana, this is what some locals are saying about the cleanup efforts.
(BEGIN VIDEO CLIP)
MELVIN KNATT, LOUISIANA RESIDENT: I think our government is just as much to blame as anybody else. The federal government. I really do.
KEVIN ADERHOLD, CHARTER BOAT OPERATOR: There's not a whole bunch of stuff getting done. The response effort of it, now there's a lot of stuff that really needs to be done. There's a lot more boom that needs to be placed. There's a lot more stuff that can be protected.
And it's just not 4happening. It's not happening.
(END VIDEO CLIP)
FERRE: And, Tony, people are writing e-mails, they're making phone call. Even a Facebook page was started by several local papers and organizations. It's called "Save the Gulf," and it gives people information on the oil spill and volunteer opportunities as well. More than 48,000 folks that have signed on to it -- Tony.
HARRIS: Wow. That's really beginning to feel like a movement.
All right. Ines Ferre for us in New York.
Ines, good to see you. Thank you.
You've seen the back and forth and finger-pointing over the oil disaster in the Gulf, so I want to hear from you. What should the government be doing to fix the problem?
If you would, send your thoughts, your comments, to CNN.com/Tony. Or, let's do this -- let's get the phone lines going again. We know you love to hear yourself on the air, so give us a call. The number is 1-877-742-5760.
Let's get the phone lines popping again. We will be sharing some of your comments a little later this hour.
Some BP gas stations are caught in the fallout from the oil leak. People are using social networking sites to organize boycotts of BP stations. Some local stations not owned by BP are seeing their business drop off. They say boycotting them hurts the local economy, not the oil company.
(BEGIN VIDEO CLIP)
TRAVIS STOVER, BP GAS STATION EMPLOYER: We still don't see the name summer volumes that we normally would. It's not my tanker, it's not my oil. You know?
This is just privately owned and operated. We're the same people we have always been.
(END VIDEO CLIP)
HARRIS: All right.
President Obama is again pushing Congress to help get loans to America's small businesses. At the White House last hour, he urged lawmakers to create a small business lending fund. It would recycle $30 billion from the federal bailout program. The money would go to community banks to make small business loans.
(BEGIN VIDEO CLIP)
BARACK OBAMA, PRESIDENT OF THE UNITED STATES: This shouldn't be a partisan issue. This is not a Republican issue or a Democratic issue. This should not be an issue about big government versus small government.
This is an issue that involves putting government on the side of small business owners who create most of the jobs in this country. It's about giving them tax credits and loans and tax cuts so they can keep growing and keep hiring. It's about unleashing the great power of our economy and the ingenuity of our people.
(END VIDEO CLIP)
HARRIS: Well, as you know, small business lending virtually dried up during the 2008 financial meltdown. It has bounced back somewhat, but isn't anywhere near pre-crisis levels.
Got to tell you, she is taking on an oil giant, and she is not alone. We're going to talk to a woman who runs a commercial fishing business who wants BP to pay for the oily mess in the Gulf.
Who doesn't at this point?
First, though, our "Random Moment" in 90 seconds.
(COMMERCIAL BREAK)
HARRIS: All right. Meet a senior who's really up for our "Random Moment of the Day." He is 87-year-old pole vaulter Adolph Hoffman.
Silence please for the jump.
(LAUGHTER)
How about that? When Hoffman isn't flying, he is sailing around the baseball diamond. All of this physical activity just part of Hoffman's training for the 2011 Senior Olympics.
He rattles off his events. Stand by.
(BEGIN VIDEO CLIP)
ADOLPH HOFFMAN, SENIOR OLYMPICS COMPETITOR: Pole vault, high jump, long jump, discus shot, javelin, hammer (ph) throw and weight throw.
CRIS ALLISON, TRAINER: Most folks Adolph's age are not pole vaulting. They're under the ground instead of above the ground.
(END VIDEO CLIP)
HARRIS: Look at that. That's big air (ph), right?
Hoffman has been airborne since high school, about 70 years before the "Random Moment" hit the air.
(COMMERCIAL BREAK)
HARRIS: Boy, really a nasty, gooey mess, right? From Grand Isle, Louisiana, to Dauphin Island, Alabama, it is oil, and it's not unexpected. Right?
Millions of gallons have spewed into the Gulf of Mexico since an oil rig exploded and sank more than a month ago. Wildlife, as you know, is in danger. So are a lot of livelihoods. And the frustrating growing against oil giant BP.
Glenda Parria is on the phone with me right now, and she is a commercial fisherwoman worried about the future.
Glenda, it's good to talk to you. Are you there with me?
GLENDA PARRIA, FISHERWOMAN: Yes, I am.
HARRIS: Glenda, good to talk to you.
More than 23,000 workers, I understand, along the Gulf Coast have filed claims against BP. Those are the figures that I'm getting. You filed yesterday.
If you would, describe the process and how you were treated by representatives from BP, if you met any.
PARRIA: Well, I really have to say I have been treated very well. And they are doing everything they can to, you know, accommodate the fishermen at the present time. And they're trying to go about it as efficiently as possible.
But I have to say, as far as the cleanup process, I think they're really laxing in doing everything they can possibly do since off of Grand Isle, we had goops of oil sitting on the beaches. And they had done nothing to put booms out to prevent that oil from entering into our precious estuary.
(CROSSTALK)
PARRIA: And as of the last two days, the oil has inundated our inland waters, which will, in the future, you know, deplete our precious ecosystem.
HARRIS: Yes.
PARRIA: It's going to really affect our ecosystem and the lives of our communities and surrounding communities.
HARRIS: Hey, Glenda, how long is it going to take, do you think, for you to get some money, a check from BP, for what you're losing and what you've already lost?
PARRIA: Well, they've been pretty prompt about that, and they're trying to do everything possible to help the fishermen, immediate help. And they are talking about help in the future.
HARRIS: Right. So, I know the waters where you make your living are in real danger here. I'm just curious, are the waters where you make your living closed to fishing right now?
PARRIA: Yes. Yes, it is.
HARRIS: Oh, boy. All right. So we're not just talking about you losing your livelihood here. People tell me that area where you live and where you work is just flat-out beautiful. Are you losing a way of life here?
PARRIA: Oh, absolutely. We're losing our way of life that my ancestors -- you know, they have gone fishing and, you know, earned a living with crab and shrimp and all of the sea life.
And the problem is, it's going to ruin the whole ecosystem, because marine life comes inland and they go out in a cycle. And this cycle has been broken. It may not come back in years to come, and some are saying maybe 50, maybe 100 years.
HARRIS: Right.
PARRIA: And, you know, we have been through so many adverse events here with Katrina. And, you know, we are a very resilient people.
You know, we came back from Katrina. We built our homes. We built our businesses. And we've always bounced back. But I have -- I really don't see a future with this oil spill.
HARRIS: You don't see a future?
PARRIA: No.
HARRIS: I've got a couple of pictures. I want to show the pictures.
Roger, let's go with the family picture first.
I think you also sent us a picture of your boat. This is a picture of your 50th anniversary celebration. This is terrific.
PARRIA: Yes. That's my husband and I with our two daughters and son. This was a 50th anniversary party that our children gave us.
HARRIS: And there's your husband. And I think -- is that the -- let me get a little closer here. Oh, there's your husband. All right.
PARRIA: Yes. He's holding up one of the fish that we caught in our beautiful waters. And it's on our boat.
HARRIS: OK. And we're going to look at the boat here in just a second.
So, let me ask you -- and there it is. There's the boat.
Hey, let me ask you what it is you say about this situation. When you're sitting around the dinner table at night, what do you say to one another about what's going on right now?
PARRIA: Well, you know, the thing is, we've had a wonderful life here. And not to say we didn't have our problems, you know, but as a whole, this is what our fishermen want to do. They want to fish these waters, enjoy what they're doing. I mean, we could have gone on to do something else, but we wanted to do this.
My husband and I had two large boats. Well, we've sold those because the children left, and we downsized. And we wanted this smaller boat to go out and enjoy catching shrimp and enjoying just the beautiful waters and the pelicans and the birds and catching our shrimp.
It was a wonderful life. And this is indicative of what the rest of the community is doing. This is what they want to do.
HARRIS: Boy, you paint an amazing picture of what it's like to do what you do in the Gulf along the Louisiana coastline there.
Hey, Glenda -- did you want to say one more thing?
PARRIA: Yes. What I'd like to say is, you know, I just hope the government and BP can at least, you know, compensate these wonderful people, hard-working people. You know, this is a livelihood that's going to be a thing of the past.
HARRIS: Yes. Well, Glenda --
PARRIA: And it just breaks my heart. You know, we're older, but the younger ones want to do this business, and it's not going to be there anymore. And it's just heartbreaking.
HARRIS: Well, boy, I know it looks bad now. I hope that's not the case. I hope that this can somehow be turned around. I know the odds on that are pretty long.
Hey, Glenda, keep your head up. All right?
PARRIA: All right. Thank you so much.
HARRIS: Yes. Yes, my pleasure. Good talking to you.
Just a few months from now, high school grads across America will be heading off to college. Some of them to top-tier universities. But are the best schools really worth the cost?
We will hear from a college kid who is now experiencing a little buyer's remorse.
(COMMERCIAL BREAK)
(WEATHER REPORT)
HARRIS: High school grads across America are getting ready for their next big step in life, but paying for that degree can turn a dream into a real nightmare.
CNN's Alina Cho has a story of a young man who now regrets his decision to go to a top-tier university.
ALINA CHO, CNN CORRESPONDENT: Hey, Tony. You know, for high school salutatorian Ryan Durosky, there was no question he would go to his dream school, New York University, a brand name school, but expensive. It cost him.
Now he's nearly $300,000 in debt, and he's not alone.
(BEGIN VIDEOTAPE)
CHO (voice-over): As a graduate of prestigious New York University, Ryan Durosky thought his business degree would be a ticket to financial security.
But today he lives above a gas station in an apartment he shares with three others. He commutes two hours each way every day from Pennsylvania to his job in Manhattan and back to stretch his budget. He says he can't afford any other way, strapped by sky high college debt.
(on camera): You talk about the American dream.
RYAN DUROSKY, COLLEGE GRAD IN DEBT: Yes, it's almost become an American nightmare.
CHO (voice-over): Call it a $275,000 nightmare. What Ryan took out in student loans plus interest for four years at his university at this rate, 24-year-old Ryan will be almost 50 before his loans are paid off. (on camera): You had an offer for a full scholarship?
DUROSKY: Yes.
CHO: And then you had NYU as an option.
DUROSKY: Yes.
CHO: Which was so much more expensive.
DUROSKY: Yes.
CHO: So why?
DUROSKY: In my opinion, NYU is a better school. It was right in the middle of Manhattan. I thought it was going to be providing me with better opportunities after I graduate.
CHO: Did you have any idea how much it was going to cost?
DUROSKY: Honestly, no. I mean, I had done the math but when you're 18 and, you know, and you're about to move into New York City, it's just like who cares, I'll pay for it, and I'll worry about it later.
CHO: So after four years here at NYU, Ryan did get a job, but soon after, just as the economy was collapsing, he was laid off. What's worse, right about the time that he got his pink slip, Ryan also got his first bill for his student loans.
DUROSKY: I believe it is $1,020 or something like that.
CHO: What did you think at that point? DUROSKY: And I freaked out.
CHO (voice-over): He's not alone. Two-thirds of bachelor's degree recipients graduate with an average of $23,000 in debt, that's up 50 percent since 1996. And then there's this.
JACQUES STEINBERG, "NY TIMES" EDUCATION REPORTER: Fewer than half of the kids who will start a four-year degree program will end up graduating even in six years. And that's a staggering number of kids who are spending a lot of money -
CHO: As for Ryan, in the two years since he graduated, he's paid down $12,000, about four percent of what he owes. Debt he calls both daunting and depressing.
(on camera): Do you regret your decision?
DUROSKY: Yes, I do. I look at the amount of money that I have to pay back, and it's the money that I would almost be using to fulfill my American dream. I would like to, you know, get my own house one day, and get married and possibly start a family. And right now, I don't see that as part of my future. You know, my future right now is debt. It's almost devastating in some cases.
CHO: You do have a degree?
DUROSKY: Yes, I do have a degree. That's a positive point, yes.
(END VIDEOTAPE)
CHO: Now, to be clear, Ryan does not blame NYU for his college debt. He blames himself for making the choice, and he believes the economic downturn played a role. He certainly did not expect to be laid off, especially so soon after graduation.
NYU tells CNN its advice for prospective students is to plan ahead. College, they say, is an investment and people need to save for it. Also, they say, if you're in default, you should contact your lender and NYU's Career Center for help -- Tony.
HARRIS: All right. Alina Cho, thank you.
We are going to hear from a Louisiana congressman about what he thinks the government needs to be doing to help constituents in the Gulf oil disaster.
We're back in a moment.
(COMMERCIAL BREAK)
(BEGIN VIDEO CLIP)
HARRIS (voice-over): Pictures, information, insight you won't find anywhere else. CNN NEWSROOM with Tony Harris -- anything can happen.
(END VIDEO CLIP)
HARRIS: A memorial service today for the workers killed in the Deepwater Horizon oil rig explosion. The blast and fire took 11 lives, 115 rig workers escaped. A private service will be held at the Jackson, Mississippi, Convention Complex. It starts at 2:00 Eastern. TransOcean will make a live stream of the memorial available on the internet.
So I asked you earlier, what do you think the government should be doing to fix the disaster in the gulf? Here are some of your comments to our blog.
Terry out in Colorado isn't taking any prisoners. He says, "Seize BP's assets in the United States as collateral until the oil has stopped flowing and the damage to the Gulf is fixed."
How about this from Mike? "Bring in the experts from UAE in Dubai. They are the experts and let BP pay the bill to have UAE clean it up."
And we have time for one more. This from Derek, "BP should give jobs to all of the out-of-work people to help clean up the oil. I feel there is no excuse, and no expense is too high to preserve our coast."
Let's do this. Let's keep the conversation going. You can lead me a comment on my blog page, cnn.com/tony.
Was it a threat or an attempt to be friendly? Some folks in Arizona are bristling at a newspaper ad from Mexico. We will find out what the fuss is about.
(COMMERCIAL BREAK)
HARRIS: I want to get you to the best financial website on the web, cnnmoney.com. with our money team. Top notch, top shelf, top notch. You see the lead story here. Stocks trim losses. Yes, because we were down, what, 230 points at some point early in the trading day, let's look at where we are now.
Let's see. We are, the past three hours of the trading day, we're down 185 points. It is still a down day, rocky, and it's all over concerns about the euro zone and debt and those states. When they get their act together and whether or not the contagion that seems on the spreading a bit might end up here in the United States.
All right, first Arizona felt the backlash over its new immigration law. Now some folks in that state will want to give Mexico the same treatment all over an ad in a newspaper. Reporter Lisa Lee Kelly with affiliate KPHO has that story for us.
(BEGIN VIDEOTAPE)
LISA LEE KELLY, KPHO REPORTER (voice-over): White sandy beaches, snorkeling, fun in the sun, the perfect vacation. It's marketed by a man wearing camouflage, secretly watching you with binoculars? MARY PRAITANO, PHOENIX PRESIDENT: The initial impression is like there is combat waiting in the jungle and it's waiting for you.
SHERIFF JOE ARPAIO, MARICOPA COUNTY, ARIZONA: I don't know what this guy is looking at. He's probably looking at me.
KELLY: Many law enforcement are questioning the message communicated in this half-page color ad in Friday's "Arizona Republic." We caught up with some of the bosses for their take.
MARK SPENCER, PHOENIX RESIDENT: You look at the timing, you look at the environment, you look at the activity going around, the comments from the members a president, two plus two add up to four and that's what it did in this. They took that as a threat.
ARPAIO: What does the binoculars mean? Does that mean it replaces photo radar?
KELLY: The ad is sponsored by the Sonora Tourism Board, the Mexican state of Sonora borders Arizona and included the popular tourist hot spot, the beaches of Rocky Point. Yet even the font chosen for the message for the people from Arizona can seem ominous.
BILL MONTGOMERY, CANDIDATE FOR COUNTY ATTORNEY: I think that we should demand an apology for this. If law enforcement Arizona took out an ad like this for the Arizona tourism, groups took out ads like this, we would be vilified, we would be accused by the president of the United States of creating a hostile environment and risking war with Mexico.
SPENCER: It looks aggressive. I don't see how this is going to attract tourism to Sonora.
UNIDENTIFIED MALE: It looks scary. Looks like people peeking over a fence or something. It wouldn't necessarily entice me to sit on a beach.
(END VIDEOTAPE)
HARRIS: You know, critics frustrated over the oil leak response say the government should take over from BP. The administration's point man says BP has the equipment and the expertise, but CNN's Senior Political analyst David Gergen says the buck stops with President Obama.
(BEGIN VIDEO CLIP)
DAVID GERGEN, CNN SENIOR POLITICAL ANALYST: When it comes to protecting our precious coastlines and the waters just off our shores there's no doubt that we cannot leave our fate in the hands of a single foreign-based company. That's a national responsibility.
That's what the fed -- that's fundamental to what the federal government is all about. Why we have a government. This company is not up to it. So I believe that the president should take charge of this, he should have taken charge of it two or three weeks ago. But it's imperative that they take charge now.
ADMIRAL THAD ALLEN, U.S. COAST GUARD: I know that to work down there right now you need remotely operated vehicles. It would be very technical work at 5,000 feet. You need equipment and expertise that's not generally within the federal government's capability or capacity. There may be some other way get it, but I'm a national incident commander and right now the relationship with BP is a way I think we should move forward.
(END VIDEO CLIP)
HARRIS: OK, so joining us to talk more about the government's role is Congressman Joseph Cao from Louisiana.
Congressman, thanks for your time. Where do you stand on this? Is it your view that BP is in the best position to take care of this or is it time for the government to take over?
REPRESENTATIVE JOSEPH CAO (R), LOUISIANA: I believe that it is time for the government to have a more comprehensive plan with BP. BP has been trying hard to shut down this spill, but at the time they are quite unsuccessful in doing it.
And what the federal agencies are doing right now is standing on the sidelines, watching. And I would like the federal agencies to have a more proactive role with BP in trying to shut down the spill.
HARRIS: To do what?
CAO: Well, either to come up with new techniques, to try to shut it down. Employ all the technologies that we have in order to shut off the spill and to help with the clean-up procedures.
HARRIS: Do you think that's not going on right now?
CAO: At this point in time at least not to my satisfaction. It seems to me that both the federal government and BP lack a comprehensive plan in order to try to stop this oil from gushing into the Gulf.
HARRIS: OK, Congressman, I'm putting you in charge. You're the point man. Thad Allen is retiring. I know he's still the point man until this thing is resolved, but I'm moving him out and moving you in. What does a comprehensive plan look like? This is your backyard. What do you do?
CAO: Well, right now we have oil that is approaching our shorelines and there are plans to build the - I guess, a barrier island to provide a very concrete stop to the oil. The Army Corps engineers have been dragging their feet to allow the states to have a permit and I believe that it is incumbent upon the Army Corps to provide the state with the permit and do it very quickly so that the states can proceed in building this barrier to keep the oil out from the sensitive shorelines and the lakes.
HARRIS: What do you do about the well head? At some point, you've got to stop the gusher at the source? Do you have faith that everything that can be tried is being tried?
CAO: From the standpoint of BP, they are saying that they are trying everything that they can, but at the same time, I'm questioning whether or not the federal government is doing everything that we can in order to stop the -- the oil from gushing into the Gulf.
HARRIS: What more do you want the government to do and who does it? What agency, what bureaucracy, what government bureaucracy do you want to see involved in stopping the gusher at the well head?
CAO: Well, the secretary of homeland security was saying that the Department of Defense was being involved. I would have liked to see the technologies of the NIFA Department to be used in order to shut down the spill. I'd like to see the -- the technologies of the various agencies such as maybe even NASA to try to shut down the spill.
We have to do whatever we can in order to shut down the spill and we should have the technology to do that with all of the billions of dollars that we fund the different federal agencies, the Defense Department, and a number of other agencies that deals with this type of operation.
HARRIS: So you don't know that there is something that could be done that's not being done. Your sense is there must be something more that could be done.
CAO: Absolutely correct. I believe that as the most powerful country in the world, we should be able to stop a gushing oil leak and should not allow it to leak for the past 30, 34, 35 days.
HARRIS: Congressman, appreciate your time. Thank you, sir.
CAO: Thank you.
HARRIS: What does a hot-headed star eat? Anything it wants. The Hubble telescope drops in on a pretty violent dinner. It is what's hot in on the web. We're back in a moment here in the CNN NEWSROOM.
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HARRIS: All right, let's get you caught up on top stories right now. We're going to start in Beijing. Secretary of State Hillary Clinton on a visit to Beijing right now and she is urging North Korea to reveal what it knows about the sinking of a South Korean warship earlier in the year.
The (inaudible) says, it is cutting off all ties with South Korea. Close this and get you to -- stay with me here -- to Washington, D.C. and President Obama wants to make more loans available and more help available to small businesses. Meeting with small business owners this morning, he made another push for a program that would boost lending and cut taxes for them.
And one more stop here. Get you to the U.K. All right, a lot of pageantry in the British parliament today. As customary, Queen Elizabeth opened a new session, a new coalition government is in control. She called economic growth the first priority.
Let's take another quick break here we're back a moment.
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HARRIS: Student loans trying to avoid default and finding the right financial planner. Stephanie Elam is at the Help Desk with answers to your tough money questions.
STEPHANIE ELAM: Time now for the Help Desk where we get answers to your financial questions. Joining me this hour, Ryan Mack is the president of Optimum Capital Management and Donna Rosato. She's a senior writer with "Money" magazine.
All right, our first question comes from Darren in North Dakota who writes, where can I find information about getting my student loan payments reduced based on my income or profession?
Donna, let's -- let you take this one.
DONNA ROSATO, SENIOR WRITER, MONEY MAGAZINE: Sure. There's a lot of options out there actually today. If you're a student and you're struggling with your payments and you have federal student loan, there's is a program called the income-based repayment program, IBR.
And you can -- if you are really struggling with your payments, you can adjust your payments so that they can be as little as 10 percent of your income. If you want to find out more information about that, remember, it's only for federal student loans. You can go to ibrinfo.org. It's a website run by the project for student debt.
If you're in a certain profession, you may also get something called loan forgiveness. Now, these are typically professions that are teaching, federal government, state government, local government, non-profits. If you are in that profession for 10 years, you could be - all the debt that you have from your education can be forgiven
Now you have to be in that profession for about 10 years to be eligible for it, but it can really help you if you're not earning a lot of money in that profession.
ELAM: If it applies, go for it. That's for sure. All right, our next question is from Bryan in Georgia and he writes in, "I'm in the market for financial planner. What sort of things should I look for in hiring one? That's a good question to ask, Ryan?
RYAN MACK, PRESIDENT, OPTIMUM CAPITAL MANAGEMENT: Absolutely. There's a few questions you need to ask and the first one is are you a CFP, a certified financial planner. These individuals have to take a test in order to designate they have knowledge within that information. It's great to have that.
If they're not, make sure at least, they're registered investment adviser. The next question you need to ask, is can I get a copy of your ADV. Essentially, ADV tells you how your financial advisers compensated, most preferably are you a fee-only adviser.
Meaning that they only get charge off the services that they provide you not from the commission products that they tried to sell you. A lot of advisers only get paid if they sell you a commissioned product such as insurance or stocks and that's not necessarily the case especially if you're not ready to buy insurance or stocks.
Now, the question you'd ask is what's your investment philosophy and what sort of clients do you service? Many advisers out there who service individuals around the union, individuals who are high net worth, individuals who are maybe specialized, maybe special needs, children sometimes - insurance salesman.
So you want to make sure you want an adviser that can fit your needs and suitable for your wishes and make sure that they can understand where you're coming from.
ELAM: You guys are a font of information. Thanks so much, Bryan and Donna. The Help Desk, all about getting answers to your question. Send us an e-mail at cnnhelpdesk@cnn.com or log on to cnn.com/helpdesk to see more of our financial solutions.
You can also pick up the latest issue of "Money" magazine. It's on newsstands now.
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HARRIS: Josh is going to surprise you today. Usually gets a heads up about what's coming. There's a video coming. Beyond that, I have no clue.
JOSH LEVS, CNN CORRESPONDENT: We have the planet first.
HARRIS: Yes, I can see this.
LEVS: We're going (inaudible) found in the internet today. So this star is eating away at this planet. This is from NASA. This is artist rendering based on something that Hubble actually saw. This is the hottest spot in the milky way galaxy has this massive plant is being eaten basically by its son. But fortunately it has some time, they say it will probably be about 10 million years.
HARRIS: Ten million years.
LEVS: Before this thing finishes the meal.
HARRIS: Come on, all right.
LEVS: One of the top videos is this battle going on online between two Twitter, titans. Ashton Kutcher is as of now no longer the number one Twitter in the planet.
HARRIS: Who is?
LEVS: It's now Britney Spears and she is closer to the 5 million mark than he is.
HARRIS: That's Britney. That worked out.
LEVS: I got a good video for you. This is hot online. Take a look at this. This is Ghostbusters invading the New York Public Library, Tony. It's so awesome. What's happening is by the scoop in prompt everywhere, these ghosts come in and people are like?
Watch what happens. Watch this. So the Ghostbusters come in. Online you see the music, you know the "Ghostbusters" theme song. Everyone is talking about the New York Library. Boom, they got the publicity they wanted.
HARRIS: When was the last time you heard a Ray Parker Jr. reference?
LEVS: Well, you know, good for him too.
HARRIS: And the last time you saw a Ghostbuster's clip, that's why Ray Parker Jr. and radio.
LEVS: But did he have a hot song after that?
HARRIS: We've got to go. Let's just go to the break. Ali Velshi is coming up next right here in the CNN "Newsroom."
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